It is very readable for undergraduates. It does a good job of introducing the beginning student to both the exegetical problems of individual letters and the theological problems of the entire corpus.
Most texts tend to lean toward one or the other.
Of course, you could always remedy that by requiring more than one text. But it's surprising how much information Soards managed to squeeze into 207 pages. Pretty good bibliographies, too. I've returned to using this book this semester after trying it several years ago. It was published in '87.