I havent read the book, I'm curious to know if the novel mentions any history and background of Altobello, pre GF 3 storyline.

No. GF 3 is based on nothing from the book. So the book doesn't mention a thing.

Is the book any good

I liked the book alot
its more 'detailed' than the movie

The book is basically very similar to the movie. There is additons to the Character of Luci Mancini and Johnny Fontane, but it does go into slightly more depth in the book and definatly increases your understanding of the movie.

The book is fabulous. I read the book before seeing the movies and it gave me a great insight into the personalities of the characters.

Mario Puzo leads a great story and takes the mind to places that the movie doesn't.

But then again, if you see the movies first I can see that some aspects of the book may seem too intricate.