I'm disappointed that so many people here have got stuck arguing about whether this is `blasphemous' or not. I'm a Christian and I think this is one of the best books I've read in a very long time. Pullman, whatever his own beliefs, knows his bible (Including the apocrypha) extremely well and has written what I think is an extremely clever story. Many people know how the story ultimately ends; with the death of Jesus on the cross and claims of his resurrection, but along the way Pullman retells some of the most profound stories of our Christian life in an enlightening, and I would even say, a revelatory, way.
The book is a quick read, with short chapters detailing particular bible events. But readers should not think that a quick read makes it a "light" read. There is much to ponder in the writing. The book invokes questions about how history and story are interlinked as well as considering the difficulty of discerning truth from history. That truth can be discovered in story is self evident in the reading of this story.
I don't think this is an anti-Christian book; although it is, very definitely, an anti-church book; but Christianity and the church are two different things. Pullman's description, spoken through the mouth of Jesus in this book, of what the church is and what the church should be, is one of the most finely tuned expose of where we (Christians) have gone wrong.