TERRIBLE book, for many reasons.
1) Rand is a BAD writer. Her descriptions are no better than an 8th grader's, she repeates herself endlessly, and she has absolutely no sense of style.
2) Her characters are robots. Each is the emblem for some ideal. They aren't actually characters, with flaws and believability. When you read her novels, you almost hate every character, not because they are bad people but because they are so simple and boring.
3) Her philosophy stinks. Not only does it stink, it's unoriginal. Emerson said more in 10 pages that she says in 1,000. She stole a lot from Nietzsche as well. Not only is she unoriginal, but her SYNTHESIS of philosophy is contrived, simplistic and black-and-white. If you want to read 1,000 pages on how selfishness, corporations and every right-wing program is glorious, then have fun. You know, I could read a book like that (despite my disagreement) if it was at least interesting and somewhat groundbreaking.
Yes, I have read AS (and The Fountainhead and Anthem) and back when I was 16 I found her ideas charming. Now that I've learned to think, I realize that her books are just laughably bad. I actually re-read AS this year for a philosophy class and sat through 6 lectures where my teacher did nothing but trash the book. I can send some of those lecture notes if you want, they pretty much dismantle her in every way. We also had some woman professor from Texas talk about how awesome Rand is. She got pwned as well.
My verdict = waste of time, you probably won't learn anything. It's only important because it's a conservative's wet dream in book form (they have to have SOME "literature", right?).
IF you are going to read Rand, start out with "Anthem". Its politics aren't too revolting, it's short and I think Rush based 2112 on it.