This book was written 22 years ago (in 1982) and seems to have stood the test of time. In fact, the business 'ingredients' delineated in this book have been demonstrated in many major corporations since the book was first published.
Essentially the book hinges on 8 basic principles. If any business can put these 8 basic principles into practice, Peters and Waterman say that business can not help but succeed. Now the success may not be as large as Microsoft, but success will occur at one level or the other. If you do not agree then that is fine, Peters and Waterman give several examples of small business that became huge business on the basis of these 8 principles (e.g. Walmart, Hewlett-Packard, Delta Airlines, McDonald's, IBM, etc.). In fact, when you read the book (which is actually structured around describing and demonstrating these 8 principles) you will see why and how these principles actually work.
One of the most interesting things I found in this book was the fact that the 8 principles are essentially common sense ingredients. For lack of better way to describe them, 'boy scout' type principles that can be incorporated into business action on an every day basis.
The book itself is very interesting, easy to read (even if you are not very interested in reading about businesses, business growth and management, etc.) and easy to understand. There are some great business stories about customers, business action, business men and their thinking, etc. Chapter 4 is quite theoretically and somewhat difficult to wade through, but has some great insights on management, measuring earnings, business theories and strategies, and how culture plays a part in business growth based on a businesses values in relation to the culture as opposed to a business values in relation to just making money.
This is one of the better business books I have read in a long while and I do recommend it for anyone who is about to start a business, who actually own a business, or for anyone who merely love reading business books.