I usually reference a combination of: Dragon Book, Muchnicks: Advanced Compiler Design, and Semantics with Applications. I have been meaning to pick up a copy of Engineering a Compiler. (I should also note I am currently reading: Principles of Program Analysis, it is a good book focusing on just theory. Read Semantics with Applications first it is basically the follow up)
A guess my point is this: I have learned a great deal from the Dragon book. I think it is a solid book that has taught me a lot. There may be better books out there but I haven't read one yet (Advanced Compiler Design is great but it really is only about optimization and analysis you need an undergrad book to supplement it).
Finally, I have encountered worse books on the subject of compilers. So yes, this is a book that I would recommend and continue to recommend.
ps. You mis-characterize the length of the lexing and parsing coverage. It starts on page 109 and ends on page 302, the content goes to 964. Chapter wise: 3-4 lexing->parsing, (chapter 1-2 are really an introduction and illustrative example so they don't count). Chapters 5-8 cover the rest of what you need to get a working compiler + some other stuff. Chapters 9-12 (page wise 583-964) cover optimization and analysis in depth. So really, nearly 40% is optimization while about 20% is syntax analysis. This book has a lot of good material most of it isn't to do with syntax analysis and the syntax analysis is for the most part high quality.