The story would affect the mainstream Batman continuity in that it features the shooting and crippling of Barbara Gordon by the Joker, an event which would lead her to adopt the role and identity of Oracle, a vital source of information for Batman and other superheroes.
In 2008 DC Comics reprinted the story in a deluxe hardcover edition. This Deluxe Edition features new coloring by Brian Bolland, meant to illustrate his original intentions for the book, with more somber, realistic, and subdued colors than the intensely-colored original.
This new edition ($17.99) is of note for the top-notch packaging as well as Bolland's re-coloring (see the differences between new and old right here). I'm sure there are those who hate the changes simply because it's different, but the new colors really do improve the book, giving it a subtlety and grimness not present in the original.