One thing I was always taught was that no matter what problem you are having in your life, there is an answer in the Book of Mormon.
Therefore, each time you read it, depending on what problems you are having in your life, you will gain new insights.
I gave a talk once about the conversion of Alma the Younger. When I was a teenager and I would read this, I would put myself in Alma the Younger's shoes. But, as I had kids of my own, I started to empathize with Alma the Elder. So, you see, the more you read it, the more you will understand these things.
Now, how understanding the Book of Mormon better will help you with your eternal salvation is beyond me. There is so little in there that deals with current Mormon doctrine and commandments.
If there's one thing I've learned from this board, it's that consensual sex with multiple partners is okay unless God commands it. - Abman
I find this place to be hostile toward all brands of stupidity. That's why I like it. - Some Schmo
In many religious traditions there is some sort of meditation exercise, in which the main goal is to clear the mind from mundane thoughts so that you can connect with deeper thoughts. The idea is to clear the junk out of the way to let the mind work on bigger problems.
In the LDS tradition, I think the Book of Mormon serves this role. The Book is so dry and devoid of real content that when you read, you mind tends to wander. The actual reading might serve the same effect of concentration the mind on banality—much like Buddhists focus on breathing when meditation. So the book acts as a vehicle for mediation allowing the reader to gain insight into personal issues that have nothing to do with the text. That is why “studying” in the LDS tradition has more to do with consistent and repetitive learning then any learning methodology that you would employ in any other discipline.