Yes, absolutely. You just need to invest the time spent 'tinkering' to get it to work the way that you like. If i recall correctly, I took about a week to get it to work just right, and I'm a Software Engineer by profession!
To be more specific, here are the issues that come to mind:
1.) The remote works by sending a sequence of commands for a certain operation (like a 'macro' if you're familiar with programming)for example, to watch TV: turn on tv, set tv input to X, turn on receiver, set audio input to X, turn on cable box...etc
Sometimes you have to tweak the remote so it delays a certain time between operations. For example, wait 0.5 seconds between 'turn on tv' and 'set tv input'.
2.) The more non-standard menu items can be programmed to show up on the remote's LCD display so you can easily access them.
3.) You have to get used to how the remote works, and you have to get used to recovering from accidentally pressing the power off button while the remote is not pointed at your devices. When this happens, the remote "thinks" that everything is off, when in fact everything is still powered up.
Once you get used to this stuff and do more tweaking (such as programming it to select your widescreen TV's correct stretch mode when switching from watching a widescreen DVD to watching regulat TV) it becomes a fantastic tool and you can finally get rid of your old basket of remotes. Once everbody else in the household is comfortable with using it as well....
I have the "688" model. The logitech web page is pretty good, and you should be able to find it for much less than the MSRP ($250). I think I paid $150 for it almost a year ago, I think it was just after the xmas rush.
Hope this helps.