It's surprisingly readable. Good history is storytelling, and Morison was there for much of the history he relates. You could get a great picture of the variety of modern naval warfare by picking up the volumes on Midway and the Struggle for Guadalcanal.

C.S. Forester's novels, while historical fiction, are also excellent.

I'd also recommend Japanese Destroyer Captain by Tameichi Hara, another powerful first hand account. Reading Hara and Morison's accounts of a battle in which both participated is really interesting.