I completed my MBA in 2007 at Ohio State University. The basic course in corporate finance used the 8th edition of this book. My review is based upon that edition plus some of my PhD work at Purdue University.
I appreciated the clarity of the writing. The authors are very transparent about key assumptions, particularly re: the evaluation of long-term investment decisions. This is useful for students at all levels, but it is especially good for beginning students. Beginners do not have to accept the authors' conclusions sheerly upon the basis of their authority; the rationale for preferring Net Present Value (NPV) analysis over alternatives (such as IRR or BCR) is completely demystified.
Based upon my research (in progress as I write this in Fall 2010), there is no unanimity among schools as to which text ought to be used in their MBA programs. About half of the schools from whom I have received a response so far use this textbook. The other half use 1) Berk and Demarzo, 2) Ross, Westerfield, and Jaffee, or 3) Higgins.
While book choices vary among schools, method does not. Every school so far expresses a firm preference for NPV analysis over its alternatives. If you find a book that anchors its analysis in NPV and is clear about its proper use and limitations, that book will serve you well. Brealey, Myers, & Allen do not have the only book in this category, but they have a very good one. Its popularity is warranted.