My least favorite of Austen's books, this one still has the wit and charm of the others. Catherine is a young heroine, and part of the fun is watching her misinterpret (or simply miss) what's really going on. It's also fun to be in on the joke when the author uses the same Gothic tropes she is making fun of throughout the story.
The book is two halves, and for me they don't seem woven together but spackled one onto the other. The plot unravels at the end, as well, though Austen is clever enough to point it out to us and we more or less willingly follow along. This is her only book in which there are so many unredeemably bad characters; most of the characters in Austen's books are some-good, some-bad, like real people.
I'm glad I read it again, and especially glad I read the version annotated by David Shapard, who gives references for the authors and stories Austen is alluding to and bits of daily-life detail, along with lots of helpful illustrations. Still, I'd put it last on the list of Austen novels to read; it's not a must-read.