In short this book is worth reading if you want to gather programming mastery of Dennis and Ken. And if you think you know "C", you should definitely test yourself by reading this book, you'll see that "C" is different in the hand of its authors. Nevertheless, the book can sometimes be hard as it requires knowledge of the old hardware like PDP-11, which consumes time. So if you want to just learn about internals easily without reading source code, you'll better go with "Unix internals" or other descriptive book.
Also, from today's perspective some algorithms used in UnixV6 may look naive, but I want to note that they did great job for that scale and they're easy to grasp because of their simplicity; the *simplicity* which helped Unix win over Multics like complex operating systems.