In The Prince, Machiavelli basically outlines the foundations of government as they were in Italy and the rest of Europe in the Middle Ages. While is he often criticized, the truth of the matter is that he was not creating these guidelines...he was simply outlining them. They already existed, and they had been used countless times, which is where Machiavelli draws his examples from. That is a part of what makes The Prince such a great read - every point and every suggestion or "rule" is outlined clearly and in easy language, and accompanied by a then-current example.
The Medicis were a fascinating family, and for anyone interested in their impact on Italian history and culture, this book is very informative. Machiavelli dedicated The Prince to Giuliano de' Medici, and depending on how much you know of the Medici family and their ruling practices in general, it is very interesting to note the relationship between the guidelines in this book and the history of the Medici's governmental policies.
This book provides a thorough analysis of European politics and morals during the Middle Ages. While some of the suggested guidelines may seem at first to be unethical or based on practical success, keep in mind that to understand the full meaning of the text, you must interpret it while keeping in mind a sense of the realities of the time, which have obviously changed. In keeping with our present sense of values, Machiavelli may seem cruel and ruthless, but read it and put it in the perspective of Italy in the Middle Ages. It makes for a much deeper, clearer read.