`The Gospel According to Luke I - IX' and `The Gospel According to Luke X - XXIV' by Professor Joseph Fitzmyer comprises the `Anchor Bible' series commentary on the Gospel of Luke, the third Evangelist. The very best thing I can say about this work is that virtually every other commentary, from all ends of the spectrum, cites this work as a reliable authority on the subject. One should still take some care before investing in the purchase of a copy of these two relatively pricy volumes.
The first consideration is that you may actually have trouble finding the first volume, as it appears to be out of print. I was lucky enough to get it from an alternate source available through Amazon, and I'm quite happy to have acquired it, as it lives up to its reputation in every way. But here we meet a second consideration. This is the fact that this great work, weighing in at over 1600 pages, is at the highly scholarly end of the spectrum of Gospel commentaries. The only work which may be larger is the three volume study by John Nolland in the `Word Biblical Commentary' series. Aside from being just a bit shorter, I like Fitzmyer far more than Nolland because Fitzmyer's format is far more accessible to the non-scholar. And yet, it is still a work almost exclusively for exegesis. For hermeneutics and pastoral use, most of Fitzmyer's information will only work as deep background. The lion's share of the commentary is dedicated to the study of the most basic documentary sources, lexical issues, and exegesis. For example, there are frequent references to the original Codices found from the third, fourth, and fifth centuries, and to the slight differences in text found in alternate documents. For the Bible scholar, these are necessary. For the lay Bible study student or teacher, they are a distraction. Thankfully, makes them less of a distraction than Nolland and the rather Byzantine structure of the texts in the `Word' series.
With great humility, I may also suggest that Fitzmyer's translation of the Gospel tends to the `politically correct', as when he translates the Greek word for `slave' as `servant'. The NRSV translates this as `slave' and in the Greek text; the dominant meaning is `slave' according to both a Greek dictionary and the `Dictionary of New Testament Theology'.
In spite of all these considerations, I, a lowly amateur teacher of Bible studies, still find Fitzmyer extremely valuable (as I do Nolland, if I have time to wade through his pages.) The first and foremost value I find might be the highly valuable `serendipitous' finding. There is so much here, on can hardly help tripping over something really useful. The latest finding is a reference to a work on New Testament theology, an aspect of scriptural study which is almost totally absent from Bible commentaries. Another great value I've found is that in spite of the `politically correct' translation, I find Fitzmyer's explanations of many words, as with Jesus talking about the Pharisees' `leaven' or `yeast', his explanation is far better than any other volume. And, his use of `leaven' is probably far more accurate than `yeast', as I suspect Hellenistic science had not the faintest knowledge of these microorganisms, even though they were thoroughly familiar with natural leavening. Lastly, I find Fitzmyer's introduction to the Gospel one of the best (although Johnson's introduction (see below) is also excellent for a smaller price). This is especially unfortunate, as it appears in the hard to get first volume.
If you are looking for only pastoral guidance, I recommend Joel Green's commentary or the New Interpreter's Bible. If you want a brief of this exegesis, go for Luke Timothy Johnson's excellent commentaries on Luke (and Acts).
My last thoughts about these volumes is that they bring me back to my very first experience with Biblical exegesis and the Anchor Bible, which was launched in the late 1950s, but which seems to have fallen on hard times, as the reputation and availability of many of its volumes is thin.