An essential, well-written reference, and one it's quite possible to read through several times, picking up new info each time. That having been said....this book never, I felt, adequately communicated THE LOVE. The pseudocode employed throughout is absolutely wretched, at times (especially in later chapters) binding up and abstracting away subsidiary computational processes not with actual predefined functions but english descriptions of modifications thereof -- decide whether you're writing code samples for humans or humans-simulating-automata, please, and stick to one. This habit wouldn't be so obnoxious, save that several (although, admittedly, rare) "inline modifications of declaration" seem to require modifications of definition which would subsequently invalidate previous running-time or -space guarantees. As the STL if nothing else has taught us, usable spellbooks must include running-time analysis as part of their designs/contracts/documentations. I know the authors have released an updated edition; I do not yet own it, and could contrast with assurance only the two editions' coverage of string-matching algorithms.
That minor nit having been aired, CLR1 belongs in undergraduate curricula and on pros' bookshelves. Its illustrations, in particular, are highly effective and bring several fundamental algorithms to life better than I've seen elsewhere; its treatment of the Master Method is the best I've seen with an undergraduate audience. I'd like some algorithms from modern machine learning theory (SVM's, etc) and also multi-string / fuzzy-string matching, but those are admittedly advanced topics.
It's no Knuth, but it ain't bad.