Some of text is from The Medium, while other bits are definitely from Understanding Media (and some is in both). McLuhan's ideas may have been prophetic in 1967, but they are an eerily accurate description of our relationships with technology today. I was initially shocked at how dense McLuhan's writing is in Understanding Media compared to The Medium is the Massage, but that's probably why The Medium is the Massage and this album, were made...
It's an interesting collage - though more Beatles than Stockhausen, it's a bit Robert Ashley, a little Schaeffer, some Cage, a touch of Oswald... You can listen to the whole thing as MP3's on Ubuweb. It was an LP, and so is divided into 2 sides.
There are also YouTube "videos" of the audio!