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If one compare's the amount of material in this book to Jacobson's "Basic Algebra Vol 1", Grove's "Algebra", or Herstein's "Abstract Algebra", Hungerford's book gets the nod.
Moreover, I much more prefer the concise definition, example, theorem, proof format over the more colloquial approach, as can be found in Jacobson's text. For me at least, the payoff for reading an algebra text is the beauty found in the logic and reasoning from which very profound results arise from the complex interaction and use of more straightforward ones. And this is exactly where Hungerford's book shines through in tremendous glory. When outlining a proof he does an outstanding job in citating the results from previous Chapters that are used. For me this is the strength of algebra (In geometry I cringe when I get a picture for proof, and in analysis it is often quite complicated to verify that a given situation possesses the appropriate conditions needed to invoke some famous lemma or theorem).
One last good word about this book: I found the exercises both in abundance (after each section) and quite reasonable for a first year grad. student. Happy reading.
This is an excellent reference, but for the task of learning the material (especially if without a lecture), I would recommend Dummit and Foote or Steinbeck (the former for advanced undergraduate, the latter for purely graduate study).
Also, while this is very comprehensive, it simply cannot fully treat everything in all subjects. For example, very little is given in the way of group (co)homology. For the specialist, you should instead invest in more specific books (e.g. Robinson).