This recognised classic can be read in many ways.
In one sense, it makes a general point about the introduction of new technologies. It's certainly true that a new technology will often appeal to price- , convenience- or reliability- concious markets, before it performs well enough to enter mainstream applications. The Internet itself is an example of this kind of "disruptive" technology (cf Papow's Enterprise.com).
Yet the book does more than make this point. It also analyses the effects of the arrival of new technology in several very different markets, and looks at how incumbents and new entrants responded. As one reads these vivid stories, impeccably researched, one can picture marketing departments scrambling, and CEOs evaluating their stock options.
The narration of Honda's entry into the American motorbike market, familiar to any MBA student, is given an added twist, based on the perspectives of the people who did it. It is almost worth buying the book just for that story.
Where it doesn't succeed so well - though it makes a valiant attempt - is in suggesting how companies might respond to the threat of cross-over technologies. This area might be helpfully expanded in future editions.
Nevertheless, a must-read for anyone serious about modern business.