More than bad, this book is nearly useless. It is divided into five chapters. The first one "Dark Gods" focuses on the Earthbound and makes the Christian basis of the book all the more painfully evident by first claiming that most ancient religions were engineered by Demons (though it only mentions old world ones, primarily middle eastern and european, in fact), and that Christianity was a "special" religion that was particularly bad for the Earthbound.
Chapter 2 was far and away the best chapter, which information about the factions and how to use them in a game, along with some signature characters for each one
Chapter 3 was about the bigger demons left behind and how to bring them into the world and what happens then. It was ok, but nothing special. Chapter 4 was about the Underworld (call the Spirit Realm throughout Demon, which makes me wonder to what extent Demons realize that there Middle and High Umbrae even exist) and it introduces a nice source of confusion: a Slayer named Charon.
Chapter 5 discusses demon interactions with other supernaturals (Vampires, Mages, Werewolves and Hunters) as well as some random animals have stats. It didn't really add anything new for handling interactions, my recommendation is to actually just use the core books of the other games and ignore this chapter.
Chapter 2 is the main saving grace, and if you can pick it up cheaply, that might be worth something (It's also far and away the longest chapter, filling out about 1/2 the book) but the rest of it is best left on the shelf.