It does!
It has come a long way and really transformed into a powerful tool. I have to admit I have only used it a few times over the past year so I might not be the best person to ask about it. However in the end it is like any tool in that it is only going to be as good as the artist wielding it. If you are getting the results you want using something like Photoshop, Mudbox or Zbrush then there is no reason to add another tool to your pipeline. Remember that the more tools you add the more room for error you add so try and keep things as simple as possible.