Yes, and it is, without a doubt, one of the best purchases I've made for the studio.
First off, it is a remarkable microphone, even without the software. It just sounds great on vocals, guitars, and even hand percussion. It is a little too honest on my mandolin, but that thing will rip your scalp off without a microphone<G>!
Second - the ability to do post processing can be a life saver if you are not working in a top notch space, probably even if you are. You can craft the exact sound you are looking for 4 times out of 5 - this doesn't mean you can ignore proper microphone placement, but it will solve a lot of problems.
And last - some of these emulations are frighteningly cool. I can't swear to the accuracy of the ELA 251 M, or the tube type U47, or others for that matter, but I can tell you that they add a touch of class, for lack of a better phrase. There are a couple that are very similar to microphones I own or have used often enough, and I mean really close. The Coles 4038 is especially impressive - how did they get a condenser element to sound like a moving ribbon???
The only place if falls short, to my ears, are the small capsule emulations, and I think that is a matter of geometry, and even though they don't sound "right" they still can sound quite nice.
It ain't cheap, but it is a very useful tool if you do a lot of recording. I am seriously thinking about getting a second one. I'll probably still be thinking about it this time next year, but I am thinking<G>!