While it's difficult to add much to the other reviews of "The Cake Bible", I do have a couple of thoughts that might help resolve some of the conflicting reports. Like a few of the other reviewers, I have found this to be a frustrating book, even for someone with culinary training. Let me make one thing clear -- I really want to like it. The book is comprehensive and authoritative, and the author, Rose Levy Beranbaum, tries very hard to communicate. What isn't covered in the text is usually addressed in the extensive margin notes or footnotes. With strengths like that, it would seem impossible for any recipe to fail.
But, many recipes do fail, sometimes spectacularly. How is that possible? The reasons are many and varied. First, my sense is that the recipes themselves are fragile. While ingredient measures are expressed in precise units (you'd better own a scale), the instructions must be executed to the letter. No step can be compromised; no corner can be cut. Exact pan sizes and oven temperatures must be used. The ingredients are carefully balanced. If you're off by just a little, the cake will fail. Hence, I don't approach the recipes in this book with the sort of unhesitating confidence I would like. It often takes several tries to get a cake right.
Second, the recipes don't take kindly to substitutions. Once, I came up a little short on sour cream and tried to substitute some plain yogurt in the Sour Cream Coffee Cake. The recipe wasn't robust enough to accommodate the additional water provided by the yogurt, and the cake fell. To make these cakes, you need to triple-check the ingredients list before you start.
Third, only the highest quality ingredients can be used. The Mousseline Buttercream is a good example. Since it uses only egg whites instead of yolks or whole eggs, and since there isn't much sugar, the only flavor notes come from the butter. Anything less that the highest quality will result in a final product that is greasy and horrible. And the additional liquor flavoring in many recipes is not optional. It is often required to compensate for the relative lack sugar.
Finally, the author's encouragement notwithstanding, the Showcase Cakes are legitimately complicated. Each of them has a number of components, some with multiple sub-components, and each cake takes several days to construct. The Blueberry Swan Lake, for example, calls for 2 meringue swans with piped whipped cream feathers. The White Lilac Nostalgia cake requires dozens of crystallized lilac blossoms, each prepared carefully by hand. And I'd love to see anyone's first crack at the red chocolate roses and 20 chocolate rose leaves required for the Bittersweet Royale Torte.
In fairness, however, it should be noted that some of the fundamental recipes are real breakthroughs (or at least they were when the book was written in 1988). The Moist Chocolate Genoise, for example, uses bar chocolate instead of the cocoa. The cocoa butter in the chocolate replaces the clarified butter that would normally be added to a cake of this type. The result is a chocolate genoise unlike any other I've ever tasted. While many are stiff and dry, this cake is tender and moist. In addition, the Neo-Classic Buttercream offers a worthwhile shortcut to the preparation of the sugar syrup.
A special bonus is the wedding cake section. These pages thoroughly describe the construction of a 'standard' wedding cake, right down to the amount of buttercream required for each layer. Recipes are offered for yellow and chocolate butter cake, yellow and chocolate genoise, and cheesecake. Every step along the way is described in detail, and the designs, while challenging, are generally more accessible that those from, say, Colette Peters or Dede Wilson.
In sum, while it's easy to make a decent cake, it's a big step to the next level. What this book underscores is the amount of preparation, concentration, and effort it takes to make an exceptional cake. If that is your goal, then this book could well offer the road map you're looking for.
Note added 4/12/2012 -- I am suddenly receiving a fair number of private emails about this 11-year-old review, almost all critical of my comment that the recipes don't take kindly to substitutions. At the time this book was written, modifying basic cakes was standard practice. In fact, books were written on how to add this, that, and the other thing to a standard cake recipe to achieve new and interesting results. My review was intended to point out the the recipes in "The Cake Bible" are not those kind of recipes. If you'd like to make the cakes in this book, you'd better have the right pans, a stand mixer, a gram scale and a calibrated oven. In particular, the mixing procedure when executed correctly produces a cake that can be wonderfully light. But the structure is less robust than the standard procedure offered in most books. It's worth noting that that this procedure has not become the culinary standard in the decade since it was introduced.