It works well for us. Especially, if you have a large number of samples (eg. mouse genotyping), it works great. You don't worry about cross contamination.
We have used it for the past four years and it works well for both protein and RNA extractions from soft tissue(liver). You might have to experiment with bead size, bead combination, material,and time though. And as others have saidit allows for fast processing of large number of samples witout contamination.
Short answer: yes. Just make sure you get the RNase-free beads if you're doing RNA work.
You can see some reviews from people who have purchased it here: http://homogenizers.net/products/bullet-blender-storm-bby24m (look to the right of the page and scroll down a little)