Pros: The Colbert Show...in book form!
Cons: Books are bad for America.
If you've ever watched his show, you know that Stephen Colbert is no fan of books. He is, however, a big fan of the free market, and what better way to increase his share of it than to release a book for all his adoring fans? Colbert's I Am America (And So Can You!) is that book.
Fans of the show (and who else would read it?) should already know what to expect from a Colbert book: self-indulgence, self-importance, and conservative ideology dialed up past the point of typical ridiculousness. While the book is theoretically structured as an autobiography, with sections on Colbert's childhood, adolescence, and maturity, the actual biographical information (all of which is in character-if you're hoping to hear about Colbert's time in Second City, this is the wrong book) is merely a jumping-off point for Colbert's rants about various aspects of American culture.
Colbert and his ghost writers cover all the usual suspects: religion, the media, capitalism, and so on, and each section echoes the ideas of the Colbert we know and love. In fact, the book is in many ways just the show in another format. Margin notes serve the function of The Word's "Bullet," and there are all kinds of neat graphics, charts, and recurring features (such as "Canary in a Coal Mine" and "Stephen Speaks for Me"). It's very similar to The Daily Show's America: The Book, only written from the perspective of the Colbert character. Like that book, the main benefit it has over the show is that there's no time limit, which allows the writers to get the most out of each bit.
Probably the only factual (rather than "truthy") part of the book is the transcript of Colbert's performance 2006 White House Correspondents' Dinner. For those of you not familiar with the episode, Colbert did his speech entirely in character, and it's the first time in comic history that a person has simultaneously bombed and killed. The people in the room were not amused in the slightest. Colbert fans, on the other hand, found it hilarious, and the silence from the live audience just made it funnier. If you haven't seen the video, it's definitely worth a Google.
Ultimately, this is a book written for fans of the Colbert Show. If you fall into that demographic, you'll love it. If not, you won't fully appreciate it. Whether you find it mildly amusing or incredibly stupid will vary according to personal tastes and political beliefs.