The best review I've seen of this--the review that sent me to the library to get (while the librarian looked on disapprovingly) and then read (very quickly)--is Jessica's, found at http://www.goodreads.com/review/show/21059851. Go read that.
My review's a meager "yeah, yeah" to everything she said. Vigorous head-nodding. Amens, if I was prone to amens. The accounts here are honest, funny, startling, dishonest, shattering, and always engaging. The editing is really superlative; I think it's hard in oral histories not to fall into redundancies or to sell short the narrative's structure, but McNeil et al. with great grace and momentum allow for the accounts to both unfold and speed along, plots emerging and yet anecdotes lingeringly, lovingly displacing such forward motion.
To Jessica's astute criticisms, pro and con (particularly around the loud absence of race), add only that I was startled at how impressive an account of the rise of a commercial film industry this was. Folded into the personal stories and the cultural shifts and the sleazy/seductive/exploitative sexual politics and the unblinking attention to addiction, there's also a great subtext detailing how technologies, cultural contexts, political forces, audience demographics, production financing (legal and, often, less-so), auteurs and hacks, economic factors, and legal philosophies structure and restructure the making of mass culture. (Even at the margins of the masses...)
I would note in closing my restraint, far more impressive than Jessica's as I am a far bigger doofus, at avoiding stupid puns, which was (ahem) very hard to do.