I think this book would have been really good when it first came out, but 36 years later it's become a bit of a mess.
You can see where new research has been pasted into the old text, and the coverage of it doesn't really fit with the flow of the chapters. There are some things that are covered in depth, such as optical illusions and Gestalt principles, and other things that are barely covered at all, such as the neurology of each sense. An extraordinary amount of text focuses on describing the experiments that found out new information about the senses, and not as much time actually reviewing that information or looking at its applications and implications.
But perhaps my biggest issue was that though the book claims to look at "sensation and perception," the majority of it covers vision. 10 of the 15 chapters look at vision. While some of these chapters claim to be an overview of a general topic using vision as an example, they are, in reality, only looking at that topic through the lens of vision. While so much attention is given to vision, there are some senses that are barely touched at all and others that are never even mentioned. Proprioception, interoception, and other "newer" senses receive no mention (well, proprioception receives a definition but no coverage) and all the cutaneous senses and chemical senses are crammed into 2 chapters at the end.
I believe this textbook is still being used since it's what has always been used, but I think it's time this book were either rewritten or replaced.