Pros: Very good modern horror RPG. Some nice, new takes on some classic modern horror archetypes, and an interesting lifepath system for character generation. I heartily recommend combining this with On Her Majesty's Arcane Service for maximum effect. Once you get past the cover, the interior is way more printer friendly than your average RPG. I'm a huge fan of the layout, but apparently most reviewers are not.
Cons: With this book alone, there's not much here to convince you to switch from Your Default Game if you are already doing modern monster hunting. On Her Majesty's Arcane Service adds just enough options to make the switch more appealing, adding in fairies and organization rules (which can be modernized with a little effort). The fiction isn't great, but that's not the main focus of the book, and some of the art is more mediocre than anything.
Conclusion: As stated, a very well-written RPG, made by a guy who likes to make games and doesn't have a whole production company to do it with. If you are wanting to get into modern horror, or your current game isn't clicking, then I offer a high recommendation. If you're happy with what you've got, and you have some money to spare, its worth picking up for possible inspiration.