I am a novice philosopher. I found (like any Augustine work) to be instrumental in my development as a student of the scriptures, and philosophy. Things discussed mostly in this book are relevant to philosophy today and thought provoking.
Mostly the first section of the book has very little discussion by Augustine himself, rather, between two students of his who talk about if the wise man can know wisdom, what is wisdom and such (won't spoil the ending for you) and topics about the Academician views of philosophy where they state the wise man cannot know wisdom (or assent to anything at all for that matter).
The second section, The Teacher, is Augustine's dialogue between him and a student over what things such as names are. What the purpose of talking is and signs.
Although not the most exciting work out there, this book is a must for anybody who wishes to understand some basic philosophical concepts. Also, this book is not like The Confessions, The City of God, or The Trinity. This book is meant to be a philosophical, not theological book, although there is some theology contained in it.