Id say yes, at least for the first few arcs. It does start to drag after those, but then picks up again after #34 with new writer Fabian Nicieza. It does fall off a bit again when Nicieza seemed to fall in to a holding pattern, but his first few arcs and then his last few are very good.
So basically, it starts very strong under Busiek, drops off a bit, picks up under Nicieza, drops off in the middle of his huge run (34-109!) before getting stronger again from about 88 onwards.
Warren Ellis then comes in from 110 and writes a short run that I think is some of the best stuff, followed by Diggle, whose run I found very strong too through the Dark Reign period.