I'm liking what I see so far with the following exceptions:
The adventure should be in the back of the book as it is in the DMG.
They stuck the map into the binding of the book and you have to rip it out using the perferations. I hate that. They could have glued it to the inside of one of the covers. I was able to get the map out without ripping it but I've had 50/50 luck in the past with maps stuck in the book like that.
I don't mind they excluded major NPCs and the ones mentioned aren't stat'd (i.e. Elminster) but I agree more villians should have been included. I'd like to have seen one from every major area/country and less of the lackies as was done. Lackies could be mentioned with info as to which MM they are in. That would leave it up to me to figure out who's with Manshoon, but still give me Manshoon so I can see what tricks from the books look like (i.e. his powers, which I could change if I want or use as is).
The book is clearly written for the DM which is great. Hopefully though there will be enough info in the player's book concerning regions that they won't need to consult this book, but I have a feeling that players will still need to read it for information.
Where are all the magic items??? With all the major items mentioned in past resources where are they? They could have given more than they did. Not even a mention of some of the items associated with various heroes from the books. I'm not saying include the heroes to show the items but they could have included a few as flavor to show the uniqueness of items in the realms.
Overall though like I said, I like the book and will definitely use material from it for my home campaign.