I find this book great (perhaps even because I am not an English speaker.. but an Italian who loves English and tries to speak it in the best way possible).
My 2 1/2 year boy is still not interested in the quite long stories of this book but almost everyday he watches to all the pictures without missing a page and asks me "what's written here?" or "How do you say xxx in English". What a satisfaction! And thanking to this book I learned some current speech words as well.