From a pedagogical point-of-view, some of the developments might have been more intuitively presented. For example, the chapter on option-pricing theory should mention the expected-value interpretation. Over all, however, this text does very well on this score.

I particularly liked the survey of empirical studies at the end of each major concept, that discusses the imperfections that other researchers have looked into, and their findings.

This is one of the core reference texts I keep on my desk.