This is a nice edited collection on structured credit products and especially collateralized debt obligations (CDOs). It shouldn't be the first book you read on CDOs, but after you have read Goodman and Fabozzi (2002), it likely should be the second. Its 15 chapters are divided into four sections:

Pricing

Rating

Risk Management, and

Basel II

Think of the book as a CDO reader, which delves deeply into a variety of topics. The technical level varies from chapter to chapter, with chapters on copulas or intensity models being quite technical. Some chapters are not technical at all. Primarily, discussions are of theory: pricing, credit ratings, risk measurement, etc. When actual markets are discussed, the focus tends to be on Europe.

I would describe the material as mostly advanced but not cutting edge. Much is available elsewhere. The book's value lies in having gathered the material together into a single resource and presenting it in clear well written articles. Much of the current literature on modeling CDOs is surveyed, and you will want to follow-up on many of the cited references. For theoreticians or sophisticated practitioners, this is an excellent book.