As you've already got an answer from Jeff, I thought it might not hurt to add an additional one. IMO, you should ask yourself why you want to read TAOCP; doing it just because everyone recommends it is probably not worthwhile. Read it if you find the material or presentation interesting.
IMO one can think of each chapter (only 6 completed so far) or even each major section of TAOCP as a very deep book/monograph on that specialized topic. The writing is clear and delightful (IMO), but each of them does tend to go rather deep, more than you may care to know about that topic — so each page will require a fair bit of attention; it's not easy going. You'll get an in-depth understanding of a narrow sliver of topics.
Why not read a few of the newer sections and see if you'd like to read more in the same style? Knuth has been putting draft versions online, and they are collected here: http://www.cs.utsa.edu/~wagner/knuth/ — for example, you could read Pre-Fascicle 3B, which is on generating all [number-theoretic, or set] partitions, or Pre-Fascicle 1B, which is on a fascinating (and little-known) data structure called Binary Decision Diagrams. He uses these to solve many interesting problems, different from the focus of typical algorithms books (which would probably dismiss these methods as “brute-force”, as they don't affect the asymptotic complexity but do affect what's practical to do on real computers).