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The book takes several of the parables of Lieh-tzu - the third of the trio of great Taoist philosophers alongside Lao-tzu and Chuang-tzu. Osho then discusses the meaning of the parable and explores its subtleties. At the end of the book is a short section addressing some particular questions - such as the relationship between the Tao, Confucianism and Science.
Generally I've been really impressed with this book so far. Some of the flow is a bit weird, but I believe that's probably because it's a transcript of a talk rather than a collection of reasoned essays. Some of the examples Osho gives, particularly in relation to Christianity, I find of little worth - but possibly they were included as part of tailoring the talks for a particular audience. Opinions on Osho seem to vary but I think this book is well worth a read, particularly if, like me, you've only had very limited exposure to the writings of Lieh-tzu.