"Colonials" like me grew up in the shadow of this Everest of scholarship and the Himalayan series founded on its contents. And now, if we choose to, we can actually own the set, in its 2nd Edition. This is a very desirable acquisition.
Perhaps you worry that it might be an unwise purchase. We live in the age of the CD ROM, so why buy the printed volumes? The language seems to operate like a wheel rolling down a muddy slope picking up all manner of accretions as it progresses downhill. Will a work like this, then, become irrelevant? I think not. The citation formula used will always be relevant for readers interested in historical usage. The entire work constitutes, in a way, a history of the English Language, as well as a social history of English speaking peoples from the 12th century through to the end of the 20th century. Some scholars say it is unduly biased in the direction of English Victorian values, with a creeping pre-disposition toward a prescriptive rather than a descriptive stance on definitions. The compilers seem to want to position it to be a final arbiter on "Correct Usage". Who cares? It is manna in the wilderness to anyone who loves the language, who likes to browse, and is not stimulated by the inanity of television. If Political Correctness is the filter through which all literature must pass for you, you'll probably not read very much of value, anyway.
No other dictionary is so richly enjoyable as a work to read on its own. One does not go to the OED just to find the meaning of a word, one is beguiled, on opening a volume, to read many pages about all kinds of words. You'll never walk into the British Museum or the Louvre just to look at a single piece of Art and leave having looked only at that one piece. Here is the great exhibition of the language, its gallery.
All speakers and students of the language are in Oxford's debt, and will forever be so. No dictionary comes close in comprehensiveness of coverage (its word count, i.e., the quantity of words defined, exceeds that covered in any other competing dictionary). This set, rightly, is the central jewel in OUP's crown of publications. If you're a writer, you can't afford not to purchase this set.
Legend has it that a new "improved" edition will be out some time between 2001 and 2003. I sense that the improvements will appeal particularly to the ultra-scholarly linguist/lexicographers among its readers. Improvements shall include the addition of citations that might, for instance, antedate the earliest citation shown in a previous edition. It might, however, not be utterly essential to you you to know, for example, that the first user of the term "Byronic" was Byron himself. The changes from the 2nd to the 3rd edition may be minimal, in print at least. Doubtless, there will be significant improvements to the search capability, appearance, and user friendliness of the software version. But, don't hesitate to purchase the printed 2nd edition. If you feel the CD ROM version is superior to the printed edition, this will boil down to whether or not you are a bibliophile. Nothing equals the tactile pleasure of the printed page, bound well. OED 2 is one of the handsomest printing jobs I've ever seen. The cloth binding is extremely rugged and well designed, elegant and solidly conservative in physical appearance. The paper is itself bright and smooth, the font/type clear and eminently readable. Even the dust jackets are beautiful, a real improvement over the previous design. "Additions" volumes (times 3) are available for anyone interested in the vocabulary of the 90s. The 3rd edition will integrate these into the main work. But, a dictionary in the hand is worth two in the planning stage. And the beautiful volumes of the 2nd edition are available from Amazon.com at what amounts to bargain price.
Buy this wonderful, beautifully produced and enduring work; it is a treasure for life that will never fail to impress you with the alluring beauty and quirky mutability of this most glorious of languages.
