I bought this book on a recommendation from a colleague while working on some property investment models, It is a refreshing change to read a book that takes such an applied approach to the subject matter. If you are someone like me who focuses on application rather than theory and likes to learn by doing, this book is the one for you.
You can look at this book in two ways. As a companion book to an econometric introductory text or as a book that teaches the basics for doing non-standard econometrics.
The authors have meant this book as a companion to an introductory econometric text. The advise to have either the book by Wooldridge or "Stock and Watson" as a companion text. I could add a third alternative: Brown, introducting econometrics as a good alternative. Seeing econometrics "in action" sure helps to gain insight and understanding. There is excellent illustrative material in the book and on the accompanying CD.
The book might as well serve as preparation for doing non-standard econometrics. It emphasizes the use of monte-carlo simulation to investigate the properties of statistical models and tests. Working through the examples you can't help to develop a feeling for this type of analysis.