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I got mine in a 3 ring binder, which at first I hated, but now I kinda like it as I can discard all the options I don't have, and reorganize the build sequence to better suit my needs. That's very rare, but does happen.
I can't speak to the 65 AIM in particular, but quality and utility can definitely vary. I dutifully ordered an AIM when I first got my car, and it took a while to realize the document wasn't particularly complete. One of the things missing was the table of contents--but once I had that, organization of the AIM made a lot more sense.
Another thing to realize is that the AIM was not published for restorers, or for the public at all for that matter. It was also continually updated during production, with pages and drawings being superseded. So the reproduction you happen to have might be of an early copy and/or an incomplete copy.
I now possess a couple of hard copy AIMs for my car ('62), plus an excellent searchable pdf copy put together by forum member cbernhardt. I don't trust any of them to be perfect. E.g., whenever I look at a page, I check when that page was updated (with most recent not necessarily being the right answer for my early car).
I ordered a 65 AIM from Corvette Central last June. It was backordered and I finally received it in January. It is a reprint that looks more like the copies were made in an old mimeograph copier. it is complete and has the table of contents, and comes with a 3 ring binder.
I remember the good old days when you could contact GM and they would mail you one free. I did that in 2004 when I picked up a 64 Impala Super Sport.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.