Bloch's selfconsistently renormalized spin wave approximation is rederived in a way which clarifies its relationship to higher order calculations-as the sum of all bubble corrections to the free spin wave propagator. Resulting formula for the renormalization, magnetization and specific heat are more general than those presented in previous works, accommodating many-neighbour interactions, external magnetic field and uniaxial anisotropy. A detailed numerical study is made of the characteristic properties of the approximation, for example, the spin and lattice dependence in the vicinity of the Curie temperature leads to a more comprehensive view than hitherto available, the free energies of the double valued solutions found in the simplest case show that one of them is unstable.