LAB color is the "here be dragons" of Photoshop colorspaces. It's an extremely powerful and extremely weird colorspace that proves to be extremely useful in various situations.
This book is very well-rounded. The author admits that some effects can be completed just as well or nearly as well using other methods. The main draw of this book is to get those particular effects much faster than you would through another method.
There are some effects that no other colorspace (RGB, CMYK) can replicate. And then there are some things that LAB is simply not well equipped to handle.
The whole book is a set of tutorials, including the reasons behind why LAB works a certain way (for those who are interested). An accompaying CD contains the files discussed in the book. I only got through the first few chapters, but I found those tutorials easy to follow with pretty good results.
This book is not for the faint of heart, however. The beginning is easy, but this is a book that you'll get more out of if you take time to study it. It's not the kind of book you sit down with and go through all at once. You need time to absorb the new information because it's so radical from how you're probably used to thinking in Photoshop.
The possibilities with LAB are mindblowing.