Yes....and no. It will depend what you want to use it for.
I had the original Multisport paired to a Mio Alpha for heart rate and now have the Cardio version with the built-in heart-rate sensor. For me, doing away with the heart rate strap is ideal.
On the bike it works well. Same with running. Very nice to be able to see where you have been without messing about with a phone. The data is best extracted to e.g. Runkeeper (this can be setup to do so automatically) as the TomTom site is still weak, despite recent changes. If you have an iPhone the watch pairs well, Android is still a work in progress by most accounts. It will also sync to Mac/PC.
There is no support at the moment for auto-pause (though this is promised). This means that unless you manually pause the watch when stopping, your average speed will be much lower compared to how most bike computers and people are used to working. So every red traffic light etc will eat into your average speed.
Swimming however is disastrously inaccurate when doing anything but Breaststroke. Unfortunately like many products these days, users feel they are part of a BETA development programme, despite paying full whack for what should be a complete product.
No support for turbo training (yet) unless you tell it you're on a treadmill and hack the results later.