It's definitely well-written and you can feel the love and care that went into producing it. But I think it would have been stronger had Nystrom skipped the Java version and spent those pages on theory instead before jumping into the C implementation. While going through the Java stuff (implementing in C# instead because I have an emetic reaction to Java) I found myself just wanting to hurry up and get to the good stuff in C. And I found the visitor pattern and code generation stuff to be a distraction.
The code can also be a bit hard to follow at times because he jumps around from file to file and function to function. He'll present a function that calls a function that doesn't exist yet, and then define the new function, etc. He does it that way because he wanted to ensure that every single line of code was present in the book (he wrote a tool to ensure that was the case), and it certainly helps if you're trying to copy his code verbatim, but not so much for high-level understanding. Maybe that's a failing on my part.
Finally I wish he had gone into more detail on how one might implement a register-based VM because they are faster and more interesting (to me) than a stack-based one.