The book is a reasonable soft introduction to machine learning concepts for practitioners whose goal is to understand just enough of the theory to use the tools. The explanations are sometimes imprecise analogies, but usually seem to communicate about the right intuition. The book could do with some exercises to guide new learners but is otherwise a quite good introduction.
That said, did anyone proof-read the mathematics? For example, on page 40 of the pdf, a missing absolute value suggests that L1 norms can be negative. At another point he explains that only square matrices are invertible (true) and so we multiply by the transpose in order to get a square matrix that we can invert. Mechanically correct, but otherwise wrong: just because we have a square matrix doesn't make it meaningful to invert it.
The text is rife with this sort of almost-correct stuff. "Occam's razor states that a hypothesis with the fewest assumptions is the best". Actually, it states that among competing hypotheses and in the absence of certainty, one should tentatively prefer the hypothesis with fewest assumptions. until we have more data. "Hyperparameters are parameters of the model that are not learned automatically and must be set manually". Actually, hyperparameters are parameters of the prior distribution rather than parameters of the model.
A few points are differently perplexing. Why in 2014 does he use python 2.7 instead of python 3.x to illustrate his examples? Why does he not even mention ipython? Why does he use manifestly bad variables names (for example, "xx")?
Some of my biggest niggles concerned the EPUB formatting. Reading on my Nexus 7, the mathematics scaled differently (smaller) than the rest of the text, even rendering unreadably small for inline symbols. Many of the figures were also too small to read without enlargement. The python code itself wrapped awkwardly. Numbers are often left-justified where convention would right-justify or justify on the decimal point. The book was almost unreadable for me in epub. The pdf was fine on a 10" tablet but not on a 7" tablet. Otherwise, stick with paper.
Overall, the book is a decent enough introduction to machine learning concepts for those who just need to use its techniques and who will have plenty of opportunity to test their results. This last is important, and largely absent in the book: machine learning techniques are not use and forget. We try things, we measure, and then we try some more. And we keep measuring, because the underlying data may change in subtle ways over time. Whatever theoretical mistakes result from a high-level-only view become even more important to measure.