I checked this out for my kids to read -- they've watched (most of - we skip the middle for them) Josie Rourke's brilliant staging of the play (set in 1980's Gibraltar and starring David Tennant and Catherine Tate) several times over and loved it.
My 9-year-old read this on the walk home from school, then immediately re-read it. That night, she read it aloud to her 7-year-old sister. My 9-year-old exclaimed, "Can we watch that play again? Now I understand it! Before I just got the funny parts."
I read it this morning, and it feels like a nice introduction to the play for the younger set. I started reading the Charles and Mary Lamb version a few months ago, and was quite disappointed to see how they shoehorned Victorian values into the play (on the first page, there's something about how Benedick was offended at how forward and unladylike Beatrice is -- he wasn't, but apparently the Lambs were!) I think this version gets the sense of the play, and the sense of the characters, across in a brief space. The illustrations are fantastic (remind me very much of Quentin Blake's work). I can't wait to introduce the kids to more of these!