Knuth's TAOCP is a masterpiece. But, just like any masterpiece (like "Illiad","War and Peace" or Proust's "In Search of Lost Time") , it's not for everyone or evertime.
The book is very well written and very well-researched. The problems are great and explanation of the algorithms is well done.
The great problem of the book is the fact that Knuth show code for a fictional assembly language for a fictional computer. I understand why he did it, but the fact is it sucks.
I recommend to use this book as a bible. When in need, look for it. You will find the answer. It happened to me more than once!