This book is perhaps Searle's most rigorous and complex effort at philosophizing, and yet one of his most readable. I think we are indebted to his research assistant for the clarity of locution and punctuation -- two areas where Searle can be vulnerable. This book also uses many concepts discussed at length in two of his other books: "Speech Acts" and "Intentionality." Having read these two other books, while definitely helpful, is not necessary, as Searle is kind enough to describe his meanings and references as he goes along. And he goes along at quite a rapid clip. This is, moreover, one of those books one cannot afford to skip a sentence without serious impairment of further understanding.
With these caveats in mind, I highly recommend this tour of Searle's defense of naive realism in modern analytic terms. He is highly analytic, and builds quite a fortress that he is pained to defend against criticisms of circularity. Nowhere is this charge more appropriate than in his defense of language as simultaneously being an "institutional" and "brute" fact. Each reader will have to decide whether or not he succeeds, but, if he has failed, it is not for a lack of effort.
Of all Searle's books, this is the one I enjoyed the most. Searle is an excellent analytic philosopher, but a grammarian he's not. His lack of grammatical discipline usually interferes with his philosophizing and frequently plagues his other works, but is completely remedied in this book. It's not an "elegant" work, by any means, but it is clear, concise, and comprehensible. His arguments are thoroughly explained, developed, and explored, so that even a novice could follow his impeccable logic. And, there are an abundance of arguments, new linguistic devices, and formulations and reformulation of his ideas to sustain his central motif: Objective reality is objectively real.
This is a great display of analytic thoroughness, coupled with a generous amplification of his ideas. A truly "fun" read.