Both of the famous Brooks writings, "No Silver Bullet" and "The Mythical Man-Month" are explanations of fundamental limitations, in programming languages and project management respectively.
While true that some of the chapters a bit farther than halfway through TMMM deal too heavily with the technology of the time, the remaining chapters are still as relevant today as they were when written.
In TMMM, Brooks follows a technique of "outline the problem", "show some false starts", and "propose my own solution". Some commentators above has pointed out that his own solutions may be considered outdated at this point, but his concise description of the problems inherent in large projects make the book worth reading.
One theme he keeps coming back to is communications overhead as a limiting factor for large teams. As a thought experiment, consider the effect of the Internet as a communications medium for programmers, and the catalyst that has been to large open source projects.
Personally, I would read the book just for the "The Joys of the Craft" section. I've never read anything that so elegantly describes what programming at it's best feels like.
(If you're curious, it's on page 7, and viewable in the amazon.com "Look Inside!" feature)