Notwithstanding sean m's inability to read backwards through this very thread, lets answer his question.
Yes, it is a good book. Is it accurate? It is not a scholar's research paper, it is an essay. The factual basis is reasonably accurate, but the essay includes a lot of the author's opinion, which should not be dismissed too easily in view of his credentials. So overall, a good read and an educational one.
Other possibilities of interest:
(1) The Disarming of Canada, by John Hasek: A little dated on some aspect. Much more thoroughly researched than Granastein's book. It is a combination history, politics and military studies all wrapped in one, with the author advocating the adoption of a centralized "General Staff", continental europe style to re-establish a proper profession of arms in Canada and to counteract the civil service power with the politicians. (This way, someone who knows what she is talking about could explain to politicians that a Stryker is NOT a main battle tank or that you do not try to put an amphibious assault force onboard a floating bomb called an AOR, juts my personal beefs here though - not Hasek's).
(2) Understanding Canadian Defence (the 2003 edition), Desmond Morton: A fascinating work looking at the historical political aspects that shaped the defence plans and armed forces of Canada. This one is a must read for anyone who wants to figure why Canadian politicians behave as they do towards the defence issues and the military, even while we are at war in Afghanistan. And,
(3) anything by Gwynne Dyer, just for the shear enjoyment of reading on world events from a very Canadian perspective.
Bon reading!