While it is a fairly 'scatter-brained' writing, IMHO (and my ADD is anything but mild...), The Art of Electronics does have quite a few nuggets of information, design process, and theory to make it worth reading through, perhaps a few times. I have to be in the right 'focus mode' to find what I need among its pages, but it's usually there. Be sure to grab some of those nifty little 3M stick-on page markers, and write notes on them so you can find things later! Much like caffeinatedbard said, I'd liken it to gold mining: you may go through tons of material just to find a few pieces of gold strewn about, but it was worth all the time spent panning.
Since it mostly contains very general information, I wouldn't consider it a textbook replacement. Perhaps a junior-level supplement? I'd never throw it at a freshman and expect them to use it. However, I might give it as a gift to someone going into EE to use later.
It's an excellent book, and I can't wait for the 3rd Edition to hit the shelves, possibly later this year or next, IIRC.