This is probably the best value in the recent Cleary Collected Volumes for someone interested in Eastern Philosophy (especially Taoism) or even philosophy in general, given how accessible it is. A better title would have been "Sourcebook in Taoist Philosophy". That's really what it is.
The only major Taoist texts of particular interest to Westerners that Cleary translated but not in this volume are The Art of War(debatably more a book by a Taoist than about Taoism) and "Secret of the Golden Flower" (popularized in the West by Jung's commentary and foreword to an edition by another translator - The Secret of the Golden Flower: A Chinese Book of Life). Conveniently, "Secret of the Golden Flower" is available in theThe Taoist Classics: The Collected Translations of Thomas Cleary, Vol. 3, also recommended (though the selections in that volume are significantly narrower in scope than this one and you may want to review it first
So in this volume you recieve Lao Tzu, Chuang Tzu (most of it, somewhat abridged), and the Wen Tzu (worth the price of the set since this is the only major translation I'm aware of), The Book of leadership and Strategy (which is composed of excerpts from the Huainanzi), and Sex, Health and Long Life (a collection of 5 texts from the Mawangdui finds of 1973-74). The first 3 are the nuts and bolts of Taoism. The first two are philosophical classics. The Wen-tzu is considered a classic of Taoism and has been quite influential in Chinese thought. Its synthesis of Taoism, Confucianism and Legalism is of considerable interest as it essentially concretizes Taoism into practice. The last two books in the volume may interest those with more specific interests.
As usual for Cleary, the footnotes and scholarly apparatus are fairly terrible and some of Cleary's comments in the Tao te Ching seem to say more about his brand of secular humanism than Taoism, but it doesn't matter all that much. Unlike the major Buddhist texts in another volume I reviewed, the major Taoists wrote in an extremely clear and straight-forward way, obviating the need for much of a scholarly apparatus - and making the absence of one borderline irrelevant.
I have some minor caveats about the translations. The translations are fairly good but regarding the specific texts - there are superior translations avaliable for most of them. I'd say The Book of Chuang Tzu (Penguin Classics) is significantly superior since the Chuang Tzu here is abridged. At times Cleary seems to gloss the rampant humor in Chuang Tzu, too. His translation is somewhat overly literal and a tad awkward. I tend to prefer other translations of the Tao Te Ching but this one is quite good. There's a Huainanzi translation entitled The Huainanzi: A Guide to the Theory and Practice of Government in Early Han China (Translations from the Asian Classics) coming out at the end of the month(Major, Queen, Meyer, Roth) which is likely quite superior, but I haven't had the chance to read a copy. At $70 and a 1000 pages, I probably won't purchase it either. I've heard good things about it, though.
In short, an unqualified recommendation as an introductory and reference volume. For those interested in Taoism, the Wen-Tzu alone is worth the price of the volume. As usual with Cleary though, you may find it preferable to use other volumes for scholarship.