I don't know whether it's well-regarded; I do however highly recommend the translation-cum-rearrangement by Rangarajan: http://www.amazon.com/Arthashastra-Penguin-classics-Kautilya... (I've read it myself, and found it quite good.)

(He's re-arranged it to be coherent for a modern reader; one reason for this is because the original was meant to be memorised and perhaps used from memory, and was ordered accordingly.)