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Girls have been girls for 1000 years
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This is a great book. It portrays a rarefied world in a detailed and vivacious manner. Unlike many works of the time, there is much less pathos and unhappiness in this book; the book is a series of gems and delights, spilling out after each other.
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Pretty interesting look at Heian era Japan, I wasn't so interested in anything other then that, Shonagon talks about this and that but nothing of great importance but it was still worth reading.
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Avoid the Arthur Waley translation. Based on other reviews, it sounds like the Meredith McKinney translation is much better. 
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Strangely modern and often funny.

This book is full of observations, opinions, and anecdotes written by a lady in waiting of the empress of Japan. Many of her stories and lists of things she loves/hates are so intimate and at the same time so universal to the human condition that the book has a surprisingly modern feel. At the same time, passages mentioning Japanese customs, Buddhist temples, and poetry sent me scurrying to the footnotes for explanations, and served as a reminder of how far apart in culture and time I am from Shonagon.