Long years ago, this was my introduction to ancient Egypt as it really was, as opposed to the fictional portrayals I had encountered before. Because it's so firmly grounded in the realities of everyday life, as documented in Egyptian texts themselves, it still largely holds up today. Given how long ago Egypt's heyday was, it's sometimes startling to think that we know as much about it as we do, thanks to such chance survivals as the Heqanakht papyri (mundane family business), the autobiography of Ahmose son of Ebana (the military campaigns that forged the New Kingdom), and the wealth of evidence from Deir el-Medina (just about everything that can happen in a Bronze Age village). The book's prose fleshes out these documents vividly yet without too much embellishment. It sometimes even sounds notes of skepticism. It points out, for example, that some of Amennakht's laundry list of complaints against his adoptive brother Paneb may be invented, but it treats Amennakht's general portrayal of Paneb's character as accurate—because there are abusive jackasses like Paneb in every age. The text and illustrations convey ancient Egypt in all its beauty and grit (literal grit, in the bread, wearing down your teeth).
Because it's so focused on everyday life, subjects such as literature and religion are rather thinly covered, with some quotations of poetry and a summary of the story of Sinuhe being the sole instances of the former, and the latter mostly represented by funerary customs. But we do get a brief description of funerary texts and a taste of the surreal afterlife found in them. ("'You shall not tread upon me,' declares a menacing floor" is one of my favorite sentences ever.)
No Time-Life book is going to be everything you need to know about a subject, but for ancient Egypt, this one is a good place to start.