Non-violence as the true path
The Dalai Lama explains that the truth of existence is not in any one particular worldview or the enforcement of it, but rather, he argues that the highest path is the one that seeks to understand how things are without attempting to change them. This is tricky, because this does not mean pacifism exactly—to witness an attack and not step in would not constitute non-violence. The best way to understand this is to see it as a reorchestration of good and evil. Good is non-violence and understanding, and evil begins with the enforcement of someone's particular belief or political will.
Empathy and understanding
The ethic itself, from the title, can be summarized as empathy. The true ethic of such a globalized, diverse world as the modern earth means that there is a dangerous tension between competing world views. What the Dalai Lama brings to this argument is the idea that when held honestly, no two beliefs are mutually exclusive in practical terms. Everyone on the earth should be able to be in community with everyone else on earth.
But that only happens through empathy and understanding. Through empathy, we practice theoretically what life might be like if we were not ourself, but rather someone else. That process shows how obvious peace and community might be through the process of understanding others.
Religion as the pursuit of happiness
The underlying theme of the book, and the reason the book is so dearly beloved by some and so disgusting to others, is the Dalai Lama's account for beliefs. The Dalai Lama shows beliefs to be the consequence of a logical, emotional mind trying to discern the path to happiness.
By happiness, the Dalai Lama means eschatological happiness, not circumstantial happiness. He argues that the real pursuit of the human soul is just happiness, and then bypasses inter-religious dialogue by arguing from that home base, arguing that happiness is best achieved through empathy, service and community.