Friends and Foes is a (mostly) complete recap of Dreamworks' Shrek the Third; I say mostly because it is a bit more abridged than is justified by the length restriction, in my opinion--it cuts Fiona's pregnancy, the King's on-screen death scene, and Rapunzel's betrayal of the other princesses... the first two of which are pretty damn important to the movie's plot.
Cuts aside, the art is interesting. Instead of matching movie screencaps with words, like the other Shrek the Third picture books I've seen, Friends and Foes translates the 3D CGI art style of the Shrek franchise into a 2D traditional art style. It works rather well, but I noticed that the Ugly Stepsister gets unfortunately gussied up in the transition; she's much more feminine in Friends and Foes than in the movies themselves.
It's another one of those books/reviews when I want to just say, "Watch the movie!" because, frankly, this doesn't add anything to the experience of seeing the film (and it's not a great film to begin with). But I suppose it's a good way to reinforce reading skills for Shrek fans... assuming there are any fans of Shrek the Third.