The value in this books lies in how all the different perspectives interpret the "Chuang Tzu". It's fitting on one level because--as several of the essays deftly point out, in much detail--Chuang Tzu was something of a relativist. But it's interesting to note how two someone mutually exclusive views (such as the more "meditative" perspective in the final essay and the essay on language, by Hanson, I believe) can find something to relate to in Chuang Tzu, and neither view is necessarily wrong... or right for the matter.
Personally my favorite essays from this collection were the one's by Mair (on the humor in the book), the one by A.C. Graham and the dichotomy in the book of Is/Ought, the essay about play (I forget the author at the moment) and, oddly enough, the brief-but-engaging introduction by Burtson Watson, which, in it's briefness and ease of thought, best reflected the essence of Chuang Tzu.
All of the essays are of quality, though. Highly recommended for any person who enjoyed reading the "Chuang Tzu."