It is just text, no pictures (too many copyright issues to use pictures and also it would increase the page count). It only has the special moves, no combos, cheats, tricks, or tips.
The idea is that you have it near your cabinet and flip to the moves before a round. To that end, each game listed uses the same control scheme and everything is in alphabetical order, allowing you to search very quickly. I played a game of Darkstalkers, then jumped to Marvel Super Heroes, and finished off with a little Mortal Kombat 3. In every case, I was open to the page I needed before MAME was done launching the game.
You could get much of the same information from GameFaqs, but converting the information to an easy to glance at format for more than a handful of games is a lot of work.
It won't be for everyone but I know I've found it useful and hopefully others will as well.
Let me know what other questions/comments you have.