Sound Theory, Sound Practice is a great collection of essays that goes beyond the (then) current state of film sound scholarship. There were two main approaches: one dealing with psychoanalytic and semiotic theory, favored by the film theorists; and the other dealing almost exclusively with music, favored by the musicologists. This volume represents the work of important scholars who see the value in both, but also go beyond approaching the film not as a text, but as an event.
The obvious highlight is Rick Altman's many contributions that make the rest of the scholarship possible. These writers demonstrate not only a thorough knowledge of critical theory, but of the physics of sound as well. This is a rather unique approach as most authors don't want to get too technical outside the field of film. That's not to say these essays are purely technical - far from it. They simply use technical explanations when a technical explanation is required.
Overall, this is definitely the most essential book on film sound out there. Altman's previous collection "Cinema/Sound" in the French Yale Review was great for the time and still offers a lot of great ideas, but this represents a couple more decades worth of work in the field. Film sound theory has come a long way.