I have been studying Classical Mythology at Uni this past semester (as part of my Classics minor - my major is Creative Writing) and bought this for at least twice the price (as far as I recall). I highly recommend it for any avid reader. It is an astonishing work of literature and there is a good reason people are still reading it (forget that you ever saw Troy, the movie). Immerse yourself in this powerful and thrilling work of art.
I also recommend The Odyssey by the same author/ translator (also available in Hardcover).
If you really get interested in the fascinating ancient cultures of Greece and Rome, which have shaped the modern world in so many ways, get your hands on Ovid's Metamorphoses (author: Mandelbaum - we also read from Slavitt's version) and Hesiod's Theogony (with Works and Days/ The Shield of Herakles) (author: Lattimore).
All authors named are favoured by Melbourne University except for Theogony since we were reading from Wender's version - however, she cuts out vital aspects, so I prefer Lattimore's.
Other recommendations:
Virgil's Aeneid (Fairclough)
and… Plays by Aeschylus (eg. The Oresteia), Sophocles (eg. The Theban Plays) and Euripides (eg. Medea and The Bacchae) (Penguin Classics)
N.B. It is disputed that the works of Homer are scribed by the hand of one man. There is also a debate that the two famous stories originated from different authors (as they contain stylistic discrepancies). All of the stories were actually handed down orally, from the archaic, through the (first) Dark Ages - probably a result of the Santorini eruption) via hymn or song, a method which allowed for mnemonic transmission.
tl;dr The Iliad and The Odyssey are well worth the read!
Thank you for sharing