I just bought the watermarked version and I am thoroughly impressed by how smooth it was to download it. My name and order number appeared at the bottom left of the text-only pages in a very small font - that was neat.
Now, on to the contents of this book - The Tome of Horrors contain "over 400 monsters" updated for the 3rd edition in 327 pages. There are "almost 300 converted from First Edition sources, over 25 compiled from various Necromancer Games products, and well over 100 brand new, never-before-seen monsters!"
That's such a great deal!
My old-time favorites are here, including the flumph, the vegypygmy, the khargra, the mongrelmen, and of course the Demons and Devils (with a capital D&D). Challenge ratings range from 1/10 and all the way to 39. Each monster has been labelled with the author and even their first appearance in a TSR product is listed (where applicable). The monsters are also beautifully rendered by the artists - the artwork for Orcus, the Crabman, the Eye of the Deep, and the Necrophidius is astounding!
My players are just going to hate me for the next few years.
This is a definite keeper! So, I'd say go for it...