I highly recommend this book for writers as well as for potential editors. It is a collection of essays by well known editors discussing their craft and the inner-workings of a publishing house.
For writers, this book will clear up some misconceptions on what an editor can, and can not, do for you. It lets you know what many editors are looking for, and explains the various kinds of editing. I would recommend Scott Walker's essay on small presses. After reading this, you should take a long look at which house you wish to publish your manuscript.
For potential editors, this book will give you a better view of the different kinds of editing and the way the editing world is changing. Above all else, I would read John Paine's essay on the reasonable suggestion. This will put things into perspective.
Reviewer: Jeffrey Leeper "kem2070" (Seattle, WA USA)