This arrived in the Post today and I couldn't be happier. I've been a big fan of Chip Kidd's work for a while after seeing his talk at OFFSET.
When it comes to graphic design you can never stop learning, and as technology is constantly changing you need to be on top of what's happening in the design world. But this book is great because it covers all the basics, the foundational rules of graphic design will always be there and it's important to know them. If you are going to break the rules, it's important to know the rules.
As for Chip Kidd (what a great name by the way) his wit and style carries this book and it is such an enjoyable read. I would highly recommend it to design students. And if you are looking for an example of Chip's work, his most famous is probably his cover for Michael Crichton's Jurassic Park, which was used as the inspiration for the film of the same name.