See the complete review in 102 Top Picks for Homeschool Curriculum.
This inexpensive little book covers all the basics of beginning phonics and reading, albeit without any fluff or frills. It uses "consonant-vowel" combinations to teach blending. Rules are presented in boxes at the bottom of pages, and the rest of each page consists of practice words and sentences. It's a little less comprehensive than other programs, omitting some common sight words and a few complex phonograms such as alternate sounds of "ough."
You will likely want to supplement with readers and phonics workbooks. The Christian Liberty Press Adventures in Phonics series works well with it.