I actually read the whole thing last week, while working furiously on apps. It was an easy read and kind of kept me sane while working through the huge issues in my writing sample. I just convinced myself that it was potentially helpful for my SOP and therefore wasn't detracting from my app time. And I ended up referencing it in my SOP. It was potentially a gratuitous reference, but I think it worked.
I have many thoughts about the novel that I haven't quite sat down to think through. I liked it, a lot, but (dare I say this?) I think Eugenides is a lot smarter than this book. I was SUPER excited about it because I'd read the short story in the New Yorker a few years back that turned into this novel. Honestly, I think Eugenides, blasphemous though this may be, is a better short story writer than novelist. Yes, of course there's Middlesex, but still.