I believe that there are people who have learned PR entirely from the book. I bought the book about a year ago. I've read and understood the theory behind photoreading, but I could never get any success from it. I recently decided to get the course. I've only done tapes 1 and 2 so far, but it is far easier to learn from, as Paul Scheele takes you through it step-by-step.
I've had some small success with the "dictionary game", but I feel I will need to go through it all a few times before things start to fall properly into place - the key idea is not to get frustrated by not getting results.
If you're serious about learning PR, I'd recommend the course. It explains the system far better than the book on its own.