I've always been a huge fan of PK, his updated version on financial crisis is a must read for undergrad students. I had high expectations from this one aswell, but in the end it's absolutely nothing special. The first 100 pages are terrible, with PK talking about history and obvious macroeconomic concepts. When the story becomes more interesting, he offers a good point on the US economy. At the moment however, it might seem too easy to focus only on the US case, while from a Nobel laureate such as the author, I would have expected to see some insights and ideas about the current situation in Europe, which is much more difficult compared to what is going on in the US.
So, big delusion that the author doesn't bother (or is not interested) in the case of Europe. Maybe, he's not any better than any other economist that we have in Europe.
Conclusion: good read if you think the current crisis will be solved by the US and not by Europe. Waste of money otherwise.

Paolo