Update (11/2008): My review below is based on the first (2004) edition. In a comment, the author calls the second, 2006 edition substantially different. So, I reviewed the 2006 edition table of contents, except, and index available on amazon. The excerpt and table of contents did not seem substantially different to me. The primary substantive change in the excerpt (Chapter 1) are the bits about the "rogue insider"; much of the writing is word-for-word identical to the 2004 edition. Maybe the other chapters are "substantially" reworked (the index suggests many changes) but the chapters' titles, order and lengths are not much different in the 2006 edition.
This book should be titled "penetration testing" with the subtitle "without any actual information on how to go about penetration testing, per se".
There are two schools of thought about disseminating detailed information on exploiting security vulnerabilities (that "it's a necessary evil" and "it's immoral"). So, the author is in good company to be in the later group.
Only, why then WRITE A BOOK entitled "Hacking"? The title seems close to fraudulent to me. Anyone hoping to find out how to crack from this book is going to be sorely disappointed. For example, while password cracking is passably well-covered, there isn't even a mention of how crackers get their hands on password files. The author spends only two paragraphs and a few bullets on rootkits--treating them like viruses or worms--despite the fact that they are critical cracker tools. There is a lot of discussion of portscanning without any discussion of how to penetrate the systems you've scanned.
So, you say, "Who cares about would-be criminals!?" Ok, but this book is not going to provide much real value to would-be white-hats either. You will find very little concrete advice on penetrating client systems from this book. However, the book does have quite a bit of advice and a number of tips about setting-up the gig (e.g., "Agree in writing"), general issues (e.g., "Don't test production systems during business hours."), and how to write the report (e.g., "prioritize vulnerabilities").
Actual admins will find very, very little of value. The "Plugging security holes" chapter is only five pages long! The tips sprinkled around are often poor or abstract (or common sense). The book provides little information on how attacks will occur. And it's quite marginal in describing the hacker psyche.
The book is full of links to software. But then so is Google and this book won't help much in choosing between most of them (i.e., my favorite tools were barely mentioned :).
I did (finally) identify a group who might benefit from this book: people who HIRE penetration testers--by educating you about how the process works. (Without giving away any of the trade secrets that might allow you to be self-sufficient!) It might also be a broad (shallow) introduction for the complete novice to security in abstract.