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Yes, it is if it works properly!
I had one two years ago - actually an L50, the previous model. I really liked it. The display was way better than Garmin. But it used to occasionally get yellow splodges on the map screen on long rides. Stages support was very helpful but they couldn't fix it. So I sent it back - and got the 530. But there have been a few firmware updates since then so I'm hopeful they will have sorted it out - and I've not heard widespread reports of it being a major issue. If so, I'll most likely use it instead of the Garmin.
I used a 705 for about a decade. There is nothing as good in terms of usability but the Garmin 530 is the nearest I've found, and they're available new for under £200 nowadays.
Cheaper, nicer to use but a bit more risky are the dash L200 and M200 made by Stages and now branded as Giant. They are being sold off for £120-140 as they didn't quite break into the big league.
I own a 530 and have just ordered a Dash L200, having had one a couple of years ago.