So much has been written about the intricate mathematical structures of Perec's masterpiece that I have no reason to repeat them.
Perec's genius - and, contrary to what one reviewer has written, it's precisely his very human, and very warm and tender understanding of humanity that generates this - is his keen insight that everything contains a story, be it the postcard on the desk, or a particular painting on a wall, or a puzzle piece that just doesn't fit. Perec takes an apartment building and jumps from room to room, grabbing at these bits of minutae, following their backstories, and creating one of the most complex and beautiful mosaics of life that's ever been put into words. As each room yields its secrets, we see that a tiny apartment building in Paris really does contain the whole world - a huge swath of history, languages, peoples, and cultures; comedy, tragedy, mystery, and drama; personal and public; fiction and nonfiction; poetry, prose, lists, games, recipes, articles, signs, crossword puzzles...
Flip to the back and check out the index - it's intimidating, and yet - it's all there, in one building, waiting to be discovered and explored.
I can't comment on the translation, unfortunately - I've only read it in the original. But Perec's language is always tight, witty, and deeply insightful. This is certainly one of the great works of world fiction, and absolutely not to be missed.