Highly amusing, but light. Very light. Some of the observations - about "Golly Burton" (Halliburton) are doubtless both damning and true, as are numerous of the observations about Post-Communist Russia and it's various splinter states. But somehow - well, somehow I felt that it lacked an enduring quality. Not a keeper, not one to put on the shelf and reread again at a later date, straight to the bookstore for credit.
I find it hard to believe that it was a "Book of the Year" nominee, but maybe it was a light year.
You can read more about it (spoilers, be warned) at the Wiki here: http://en.wikipedia.org/wiki/Absurdistan_%28novel%29