I read Freakanomics a few years ago. From what I remember it is light reading and vaguely interesting. Think Michael Lewis as a statistician. If I can recall correctly the best chapter dealt with the economics of drug dealing and is mostly taken by a research done by a sociologist. The sociologist wrote Gang Leader for a Day by Sudhir Venkatesh and I found that better so you might try that out if the chapter interests you.
They're both great books. The new book Scorecasting was heavily influenced by Freakonomics. As sports bettors, I recommend you read Scorecasting first. Very eye-opening.
The best chapter in the book is about Abortion. And the only reason crime has dropped in the US in the last 20 years is because they finally let poor single woman get rid of the fetus. Amen.
I've read the first. My little brother read it for one of his classes at UCLA, so I figured if its recommended at a fine institution like UCLA I should probably read it.