Modern Recording Techniques" by David Miles Huber is a staple for anyone involved in recording audio, regardless of level. There is something in this book for everyone - from the novice beginner to the seasoned professional. As a reference guide that exceeds 600 pages, it's a valuable resource to keep near the mixing console. I still refer to mine when I need to cross-reference suggested EQ settings.
This book was recommended to be by Justin Spent of PreSonus, during one of their weekly webcasts, when I asked how he managed to go from being an average guy to someone who understands...all the interesting things he was saying. Justin recommended this book and Yamaha's Sound Reinforcement Manual, saying they're probably the best foundation I could get.
Anticipation having gotten the better of me, I've started reading this book before my shipment arrives (shades of Spaceballs, but that's the great thing about Safari Books Online). The first two chapters have already taught, clarified, and connected more concepts for me than the preceding two years of my Internet-based research. Any determined, reasonably intelligent person will benefit more from this book than he or she might think possible.
This book isn't perfect, but my complaints are fueled by the copy-editing experience which makes flawed writing jump out at me. So far, I have yet to see any problems a new editor couldn't solve easily.
Buy this book: if you want to turn your bedroom into a project studio, starting from a strong theoretical foundation; if you're good at learning on your own, and $50k worth of college isn't in your budget.