Let's start off with the bad news.
This book has faults. It could use a good proofreading, the index is mediocre, and the discrepancies between code quoted for discussion purposes and code in the DIY projects can be infuriating. Further, calling a teaching text a "Developer Reference" is bizarrely misleading. This isn't a reference book, but that's a good thing: printed references to rapidly evolving technologies are typically obsolete before they reach the book store and are nothing more than a profiteering waste of trees.)
But flaws like these are as common in tech lit as potholes in NYC, and if I was to grade all the Xcode, Objective-C, and Cocoa books I've encountered on a curve, this one would still get a B for accuracy. Most tech writing is hastily assembled, badly edited, laid out with the apparent goal of inducing migraines, and then cheaply printed. This one's better than most on all those counts.
And really, all that's irrelevant: this volume's failures pale in comparison to its successes. Wentk has had the radical (if obvious) notion that in developing for i/OS/X, C, Objective-C, and Cocoa are not separate disciplines, but rather comprise a single development tool, and approaches the whole endeavor as such. This is enormously more efficient and more effective than the usual "learn C, then O-C, then Cocoa" approach. For example, O-C obviates many of C's more antiquated and noxious characteristics. Beginning with a thorough study of C has the potential to waste an enormous amount of time on parts of the language that are seldom or never used in i/OS/X development. In the real world, none of these technologies are used in isolation: in practice, their greatest strength is the way in which they combine into a whole.
This isn't remotely a book "for Dummies." In particular, if you're new to object oriented concepts you may want to use a variety of resources to get familiar with the abstract ideas on a conceptual level before even looking at any code. But I still wouldn't hesitate to recommend this to beginners. It'd make an excellent core for a course of study supported by other materials. Just don't expect to breeze through a chapter or even a smaller section a day. Instead, approach each topic as an introduction to a concept which you'll then play with for quite awhile before moving on.
i/OS/X development is big, deep, and often subtle. Unlike many others, Wentk's book doesn't engender ridiculous expectations by prattling on about how easy it's all going to be. It's not easy, but Wentk's approach at least ensures that when you're done banging your head against the screen, you'll have learned skills that will actually be useful in real work.
P.S. Xcode 4 was in beta around the time "Cocoa" was released. This is no huge barrier, but you'll want to reread Apple's documentation about the changes in 4.2 every so often, just to remain clear about what's changed or even obsolete. For example, the book uses garbage collection for memory management, which Apple has essentially deprecated in favor of Automatic Reference Counting.)