I found this book immensely helpful in graduate school. I would say it is a must for graduate students in PhD programs. I believe, however, that this edition is not the most recent edition, but this version is hardly obsolete.
I skimmed through the parts of this book that didn't pertain to me (the beginning especially since I'm already in a PhD program so I don't need help in finding one). But overall, the book wasn't extremely helpful to me because it contained information that I've already figured out over the past few years. Some of the information is a little outdated. Plus the author is coming from a science background and so doesn't have as much to say about liberal arts. That being said, this could be a really helpful book for someone who is considering graduate school and wants to get a basic idea of what it might be like.