This book, while very beautifully illustrated, loses some of the magic of the original. It is worth reading, I think, but if you are reading The Little Prince (in English) for the first time, then you really should seek out the Wood's translation with the original, in color, pictures to get the full effect of the book. Unfortunately, that version is out of print, so you may have some issues finding it (however, it was the most widely circulated one until 2001, so you may have some luck in used bookstores!)
But in terms of this version, it was nice. It, again, doesn't possess some of the magic of the original, but the drawings were very beautiful, if totally different than the original artwork. It has a unique, dreamlike quality, which both the illustrations and the translation seem to turn their focus on. However, I sorta feel that if this is the only version that you read, you maybe wouldn't really "get" what people love about The Little Prince.
This translation by Valeria Manferto De Fabianis is not as poetic as Kathrine Wood's translation, but it is not as modern as Richard Howard's version. As far as I could tell it was a solid translation, with no/very few questionable choices.
So, in conclusion, if you are a fan of the original book, this is worth checking out. It's fun, bright illustrations will captivate you. But if this is your first time reading the story I would recommend the original version.