Certainly worth a read. I give it 5 stars because it certainly deserves 4, and I'd love more software developers to read it :).
I liked that algorithms were not presented in vacuum. Quite the opposite. A lot of attention is placed on practical applications of algorithms. Author talks a lot about ways to recognize that many popular problems can be solved using popular algorithms.
In my opinion, this book has a very pragmatic approach. It doesn't go into details of flavors of algorithms that most developers won't need in their daily work. At the same time, it offers a broad overview of many topics, so you know what is there.
Consequently, implementation is usually shown for the basic algorithms, and half of the book is a catalog of problems with references to existing libraries implementing solutions.
I liked how the book teaches techniques more than algorithms itself. For example, when it gets to graphs, it features implementations of depth-first-search and breadth-first-search as customizable templates. Then several other algorithms are presented as a simple variations on DFS or BFS. In the chapter about dynamic programming, instead of discussing just one specific implementation of the classic edit distance algorithm, it describes a lot of variations where slight modifications to the "edit distance" can be used to solve different problems. When presenting NP problems, author teaches you how to recognize if your problem is NP or not, so you know if you should look for an efficient algorithm or settle for a heuristic.
Because of that focus on design and techniques, the book misses many popular algorithms that other books usually include. In this book, you will not find: A*, details of various flavors of hash tables, details of splay trees, red-black trees, KMP pattern searching, and so on. On the other hand, you may have to research some topics like that yourself when doing exercises.
If you have time to do exercises, I strongly encourage that. They'll give you insights, let you practice what you've just learned or show where techniques discussed in the chapter fail to work. Exercises are divided into sections so you can quickly pick one that you like. E.g. interview problems are listed separately, and in my career I have actually been asked some of these questions on job interviews. Exercises are also graded by difficulty.
I saw reviews that compare this book with Cormen's "Introduction To Algorithms". There is overlap, but also the style and focus of these two books are very different. Depending on your needs, you may like one more than the other.