The book is adressed both to beginners and intermediate users, not advanced ones though. It covers everything, however there were many occasions where I wanted more information. This is not to say the book is not a great value for money. After all, a complete vba book would probably need to have a couple of thousand pages, whereas with this book you can start programming even having read only chapter 2. If money is not an issue, you also need to buy Walkenbach's vba book too.
I found it easy to navigate through it, so I didn't think indexing was such a great problem as commented before me. The authors don't say too little or too much and they write very clear. The reason I didn't put 5 stars (if I had the option I would put 4.5 starts) was because I didn't like the second part of it, which is half the book and which mostly presents basic information.