I am not one to tell people how to spend their money, because money, it's a personal thing. But if you are a knitter or know someone who is or wants to be, I am going to offer you a knitter's nugget here: get the commemorative edition of the Knitter's Almanac. Really, you simply must.
I could wax poetic about all the ways this book is wonderful and how great and smart it is; but, I will simply say that this is a book that belongs in every knitter's library (and I know a thing or two about libraries). If you are familiar with Elizabeth Zimmermann, you likely already own a copy of the book in paperback...but the new hardcover is awesome!
The original Knitter's Almanac can be bought for the very economical price of $7.95, or there abouts, and that's great, truly. And while the commemorative edition costs more, you are getting more. The new edition is a hardcover. The binding is beautiful and it's sturdy. I don't know about anyone else slinging around the original paperback, but if your copy is anything like mine, it's probably falling apart at this point, and I have only made one pattern from the book, though I read through it quite a bit.
The commemorative edition, published by Dover, has a written introduction by Stephanie Pearl-McPhee, and words from EZ's daughter, Meg Swansen. The text is a bit bigger (the format is a little bigger as well), and there are color photo reproductions (what knitter doesn't like a color photo of knitwear?) But the thing I like most about the commemorative edition is the inclusion of Pam's February Lady Sweater (or if you prefer, Lady Modifications for the February Baby Sweater). Sure, Pam has made the pattern available for free, but I like that it's included in the book with the Baby Sweater pattern.
I am currently knitting the February Baby Sweater from the book right now. I brought the book with me to San Francisco so I would have good knitting while I knit away some of my free time while attending a conference. But you, of course, don't need to attend a conference to get this updated knitting classic. Go get this book (or get it for someone else), it will be a great addition to any knitter's library. And well, Christmas and Hanukkah, it's just around the corner... in case the Christmas displays that went up before Halloween were not reminder enough...