First this is a monumental work and one of the most influential works of the 20th century. I am not giving it five stars: this book earned them. With that said I don't think is the most influential book of the 20th century because such a book doesn't exist. In my opinion that kind of debate is totally misleading.
However the five stars do not suggest that you should buy this book. With the exception of libraries and scholars specializing in Russell or related subjects, I can't see anybody else spending [this amount] on a copy of this work. That is unless they like to collect books. For a math or philosophy student the paperback copy to *56 is all you need.
Unless you are a mathematician, a logician or a philosopher with a strong background in logic and philosophy of mathematics and aware of the issues surrounding the problems in the foundations of mathematics at the beginning of the 20th century then you are not going to benefit from STUDYING this book. The emphasis in studying is important because this book needs to be studied not just read like some reviewers may suggest.
If you are not an expert in this area and you want to learn about the subject then you may want to start with Bertrand Russell's "Introduction to Mathematical Philosophy". It summarizes the major points of this work for the layman and is Russell at its best (he won a Nobel prize mostly due to this book). Read it with a critical mind and then you can continue reading Quine, Putnam, Brower, Heyting and the rest. You can get a good bibliography from Benacerraf and Putnam's "Philosophy of Mathematics".
Finally if you are a mathematician, a logician or a philosopher you already know about this book and you don't need this review. Moreover you know you can borrow a copy from the university library for study...that is unless you like to collect books.
But this is still one of the greatest works of mathematics and philosophy of all time. The long prose introduction is a philosophical masterpiece. The collaboration between Russell and Whitehead may be the greatest scientific collaboration in British history. Whitehead, who was trained as a mathematician, went on to become one of the shrewder philosophers of the 20th century, and supervised Quine's PhD thesis. PM's treatment of the algebra of relations (a brilliant generalisation of Boolean algebra thathas not received the study it deserves) is perhaps the most thorough ever.
Mathematical logic is indeed the abstract structure that underlies the digital electronics revolution. And PM is still perhaps the greatest work of math logic ever penned.