I can't think of a single reason to prefer this over the movie version, yet prefer it I do. Maybe it's because the book is a bit breezier, or maybe I'm just not much of a Robert DeNiro fan.
Anyhow, it's a very workmanlike novelization considering the movie went on to win Best Picture. Author E.M. Corder (a pseudonym for Jerrold Mundis) makes no attempt to dig deeper into the psychological hangups of these characters, and one senses he penned this under a tight deadline. (Heck, even the proofreading is sloppy.) Apart from a handful of beautifully written descriptive paragraphs, it mostly comes across as a hastily fleshed-out screenplay. Even still, it's a thoroughly engrossing read. But, man, I would've loved to see him really bite into the meat of this story and give it a good chewing over, as opposed to simply nibbling around the edges. A little more research would've been nice, too, since certain scenes involving deer hunting in the Allegheny Mountains and fighting in the jungles of Vietnam don't strike me as 100% convincing.
But for what it is, THE DEER HUNTER is a perfectly acceptable novelization for those of us who don't consider the movie an unassailable masterpiece. If you're a fan of the movie, then I see no reason to bother with this. If, like me, you watched it on VHS twenty years ago and then mostly forgot about it, the book offers a nice alternate way in which to re-experience it.