Yup, the 8th edition is out. I have the 6th & 7th. Each time the revisions get better and better. I just ordered the new version on Amazon. With shipping it was only $45.
You do need some basic math skills to do conversions. Most recipes are formulated for 10 servings. I usually cut all the amounts by 1/4th when I'm trying them out for myself, or by 1/2 when I'm cooking for a group of four.
Some things like stock are formulated to produce one gallon. I wouldn't make any less than this amount.
This is the
book to have along with Harold McGee's "On Food and Cooking". I tell people to start with the stocks, then make some of the sauces. Next use your stock/sauce skills to make stews/soups. From there you can do pretty much anything with a practice run for safety. It teaches you ingredient identification, ingredient preparation, the concept of mise en place, all the traditional french cooking methods, and then expands outwards to everything from bistro dishes, to regional cuisines, and even some international dishes.
It's endorsed by almost everyone in the cooking industry from Thomas Keller to The Two Hot Tamales.
I'm a fan if you couldn't tell...
I read it cover to cover over the course of a month 'er so, and I'm still cooking out of it... well today for instance.