As my title states, this book is very good, but with the significant caveat that no particular audience is ideally served by it.
If you are truly a layman, you may initially be pleased to find that the book has essentially no formal mathematics and the technical vocabulary isn't too extensive. Smolin himself says that the book is aimed at the "intelligent layman" and that "the reader who has not read anything previously on these subjects will be able to follow this book." However, the book tries to convey a meaningful understanding of some rather advanced (some would say speculative) physics in the areas of thermodynamics of black holes, loop quantum gravity, and string theory, and it does this in a manner which is philosophically sophisticated, with many fundamental questions being raised about the nature of space, time, and scientific theories in general. Moreover, despite Smolin's claim to the contrary, one can't adequately appreciate what the book is about without a basic (at least popular-level) background in quantum mechanics and relativity, which the book doesn't provide.
As a result, I anticipate that the true layman would find this book to be difficult going. Instead, a more realistic audience would be the "advanced layman" who has some prior familiarity with this subject matter, particularly the basics of quantum theory, relativity, the standard model, and cosmology. This audience (which includes me) would probably find the book to be quite stimulating and interesting, and would get a sense of what this advanced physics is all about. However, because the presentation lacks the mathematics and technical details needed for anything resembling a rigorous understanding, they will probably also be left wishing the book had 50 more pages of "meat" and some key equations (explained carefully, but without derivations). For the same reason, the advanced reader would probably also wish the book was at least one notch more advanced, but even these readers may still find the book to be a fun and interesting overview of the subject.
Finally, I'd like to suggest that potential readers should be wary of reviewers who strongly favor the book because they agree with it's thesis, or condemn the book because they disagree. We are dealing with subject matter about which there is no consensus even among eminent physicists, so these reviews are not the place for readers to throw in their two cents about which theories are right and wrong. Instead, this sort of book should be judged mainly on criteria such as whether good questions are asked, whether the context for these questions is well formed, whether the alternative answers proposed for these questions are explained clearly and fairly, and whether the text is well-written. On all of these counts, my judgement is that Smolin does a good job.