First for the positive. This book is a solid biblical defense of the great Reformation doctrine sola scriptura. In particular, the contributors look to what the bible says of itself regarding how it should be viewed by the church. In contending for sola scriptura, the authors repeatedly illustrate why the Roman Catholic position of scripture + tradition is faulty.
My favorite chapter of the entire book is James White's discussion of sola scriptura and the early church. White, of AOM, shows that, as opposed to the claims of Rome, the early church fathers did in fact hold to the doctrine of sola scriptura. They may not have used these two Latin words to describe their position on the bible, but they believed it nonetheless.
The primary negative aspect of this book is that sola scriptura is not applied by the authors to all areas of life in the same manner. For example, while they unashamedly hold to sola scriptura as it relates to salvation, they seem to hold back when it comes to applying it to the life of the church. This is no surprise since this is what we see in almost all churches in the West today.
Let me provide just one example of what I am talking about regarding the church. In chapter 4 (page 62), Derek Thomas writes on the authority of scripture. This is what he says,
"The Bible's authority must be maintained within sound hermeneutical principles. For example, there must be a clear appreciation of the difference between the descriptive and prescriptive. Although members of the post-Pentecost church in Jerusalem sold all their goods and relinquished their rights to private ownership, I am not obligated to follow their example (Acts 2:44-45). The bible accurately and inerrantly describes these actions of the early church for our edification, but it nowhere prescribes that these things be done by all churches at all times."
The fascinating thing about Dr. Thomas' argument is that while he states that the above account is descriptive rather than prescriptive, he does not provide evidence for WHY he writes this. As is typical of evangelicalism today, narrative accounts in scripture that do not conform to our current church practices are automatically labeled as descriptive. This keeps us from having to think about why we do what we do.
Overall, this book is worthwhile reading. In particular, it will be helpful to you if you have Roman Catholic friends who rely on tradition as much as scripture in their belief and practice.
However, do not expect this book to deal helpfully with what I believe is the most difficult aspect of scripture interpretation: descriptive vs. prescriptive issues and how we apply these.