While the book is dated, it is still useful especially with regards to understanding Generics. I found it useful as I was working on a refactoring to extract common code into a generic Superclass when I decided to pick up this book.
The book is divided into 2 parts, one on Generics and the other on the Java Collections Framework. These two parts feel entirely separate and since most would be reading it for Generics, the following is some guidance on which chapters to read if pressed on time:
Basic Generics: Chapter 1, 2, 4
Advance Generics/ Related Concepts: Chapter 3, 6, 7
Examples via Design Patterns: 9
For the other Generics chapters, they are related to dealing with legacy code/ libraries that uses raw types which might not be relevant for all since most of the current Java libraries should already be using Generics instead of raw types.
For the collections chapter, while dated, I still learnt something new (SkipLists, NavigableMap interface, etc.) from the chapters and it is a good review of many of the available implementations of Map, Set, List, etc and when to choose them. If I were less experienced with Java, it would have given a solid introduction to the Collections API, thus I would recommend if you are new to Java or would like a refresher in the Collections Framework. (ArrayDeque, NavigableMap, ConcurrentSkipListMap, etc., if these sound foreign, this part of the book would clear things up.)