I don't think "scathing" is the appropriate word here. It has 4.3 stars after 80 reviews, which seems pretty good to me.
In any case, to answer your question, I read the book a few years ago and thought it was really good. I don't remember there being many mistakes, and I didn't mention any in my review on Amazon, but I may have just not noticed.
It's definitely my favorite algorithms book, because it's more practical than books like Intro to Algorithms and TAOCP. A large portion of those books are dedicated to proving theorems and big-O run times, and things like that. This book skips over most of the proving and math, tells you what the big-O run time is, gives an implementation in C, walks through the algorithm in a way that actually explains what it's doing, and points to other resources for the deeper math.
If I needed to implement an algorithm, I'd grab this book. If I was curious about the math behind it, I'd grab TAOCP or Intro to Algorithms.