Blust's theory is that Austronesian roots are actually somewhere in between morphemes and phonemes, a middle ground previously labeled as phonesthemes. He deeply criticizes Brandsletter and to a lesser extent Dempwolff. He even sneaks in some digs on Wolff's PAn phonological reconstructions. His appendices are fantastically well researched and exhaustive. However, while he does cite a few non-Indonesian/Malaysian languages in the prose, his roots generally don't mention Oceanic/Polynesian forms. All in all, a quick, interesting read.