I found Gordon Pape's Ultimate TFSA Guide to be an incredibly informative overview of the TFSA options and strategies available to Canadians. I had not read the previous TFSA book, so cannot comment on any differences between that incarnation and this one. What I can contribute is that I found great value in this book and would recommend it as a starting point towards understanding TFSAs and what options and potential pitfalls await. It is written in an accessible style and presents a potentially complex subject in an easy to digest manner.
My only major criticism is that the many, many pages of TFSA offerings by various banks and institutions could have been presented in a better format with some additional advice, and might not be relevant at the time of reading.
I would have liked to see more details about dividend investing from within the TFSA, and more mention of capital gains exemptions. Book has sort of an either/or approach to TFSA/RRSP selection. It would be nice to see a maximizing strategy incorporating both for those able.
All in all, I think this book was highly educational and well worth the time to read. I feel much better off about choosing which TFSA options to pursue, although I am looking for additional information on specific strategies to maximize my retirement income. This book has nevertheless formed a valuable cornerstone.