It's a much denser book than you might expect - at around 200 pages it seems short, but it covers a lot material. Sometimes it seems that it's glossing over some important things - for example, get_absolute_url is used without any explanation of it's role in the django framework. I think this book is intended to be used in combination with a django reference, and it can be a little confusing on it's own. And it suffers a little from the fact that django is still in flux, since 1.0 hasn't been officially released yet.
That said, it's a very good introduction to actually *using* django. The on-line django book often explains a concept in too much generality - introducing a concept first and then explaining what a real django programmer would do only at the end of a chapter. This book doesn't spend much time explaining the underlying concepts - instead it focuses on real world examples - which I found preferable. For example, when I created my first project using the on-line reference as my guide, I didn't use any of django's generic views. But they are a real time saver, and clearly would form the foundation for any real django project, and Practical Django Projects makes frequent use of them. It has the only good discussion of newforms (destined to be just "forms", when 1.0 is released) I've found anywhere. It has a great example of how to set up your urls.py. Overall, if you're a budding django programmer, I would recommend this book.