In addition to doing the program myself (although I'm guilty of not finishing), I have several friends who have been through the program and have had remarkable results.
I've read the book...good basic principles and great as far as motivation goes. I REALLY liked all the before and after pics of the contestants. Talk about motivational. Seeing all those people who looked "worse" than me, and seeing them lookin' all sexy and hot, really gave me the burn to get in shape.
The fact that if/when you enter, you have a goal in mind and a plan to get there. Not to mention the money, jacket, etcetera isn't all that bad either!
The nice part about the BFL program is that it is completely laid out for you...especially good for the average Joe who knows nothing about training, diet, etcetera. The website has a lot of great tools for tracking your meals and training.
Like with anything, there will be things that you don't agree with, but as long as you're doing something...you'll be better off.
Good luck if you decide to enter!