"The book appears to be the journal of Vili, the Legend of the Nott."
Vili's journal is located in Stronghold. Upon first interaction, there is nothing special to be done with it. The journal will play a part in the quest, 'Gleipnir', in which you will need to interact with it to further progress the quest.
Entry From Journal Edit
Taken from page 77:
"I have seen visions of my people still alive on Shuyal, our homeworld. They are fighting the great evil and holding out even now, decades after the rest of us fled.
Gleipnir is the key to open the gate and return home. With the help of Arlor's heroes I'm convinced that we can defeat the great evil but Uller is afraid that it will use the gate invade Arlor... and I've heard rumors of Himingleva's death in the Kraken Isles...."