Personally I would say yes, but in all honesty no it is not.

I and sjones have written Looter with the intention that everyone can use it, and that we would hope everyone would find it helpful and useful to them. But as always there are all sorts of ways people like their WoW experience to be.

To give two examples:
I don't want to loot everything I come across, I only want to loot ores/stones/gems on my miner, or different cloth drops on my tailor, or even anything over 2 silver (my usual loot by value) plus my quest item drops of course. So for me, Looter is exactly what I would want in a mod as I can configure it to loot whatever I like.

My fiance, she doesn't care what drops, she wants to loot it all, she can sort through all the junk herself later, and alot of times she'll auctionhouse things I wouldn't normally ever bother to pick up (scrolls of randomstat for instance) and often times make a nice profit (I frequently refer to her as the auctionhouse addict and she agrees). So for her, Looter isn't really necessary.

The changes with Loot by Value set to 0/0/0 to loot everything were made with those intentions in mind, so those that prefer to loot everything most times could still use looter the way they prefer, and still have selective looting if they so desire.

So in all, Looter is made with the intention of being useful and good for everyone, but it is not for everyone.