This is an excellent read. It is quite daunting at first glance, but can be read easily chapter by chapter at whatever pace suits the reader. Unlike The Effective Executive which focuses more on the individual and his\her role, this book focuses a lot on the organization and its intricacies.(see post about The Effective Executive)
A great takeaway for me is that an organization's structure must closely match its strategy and goals. This clearer understanding has helped me as my unit undergoes great growth and changes while having a limited resource pool of people to select from. We therefore have to ask the same staff to do or manage differently than before.
I recommend it highly!
PS: For the Bill James fans out there, I tend to read this book like I read the historical abstract - I pick it up, go to a section and read it. There is so much stuff in there, there is always a great little tidbit that gets your interest peaked.