I coincidentally wrote a review of the book this morning :-) http://news.ycombinator.com/item?id=2134634

Have you also tried Market Samurai to find a niche? I haven't tried Micro Niche Finder, but Market Samurai addresses the same need: to select lucrative keywords with low competition. That, in turn, indicates a potential good niche to go with.

As you say, there is so much information in this book it's hard to digest. You definitely have to take notes and go back to it regularly, but I feel the book has tremendous value for its target market (software developers wanting to strike on their own). And by the way, writing a book review helps you synthesizing all this advice so it's good practice to really "get it".