I read the book two years ago and I personally really really enjoyed it. It was very well written and well thought out. However, I doubt this would have made a good movie. All the scenes with Kong (as far as I remember) were just flashbacks, and weren't all that much to begin with. The book was actually more about Carl Denham than it was about Kong.
So while a good book, it would not have made a a good movie in my opinion. If Universal wants to do another Kong flick I'm all for it, but I think it should either be a sequel to Peter Jackson's Kong or a remake of King Kong Vs Godzilla. I personally prefer a KK Vs G remake