Indeed. I fired up Z-Brush last night and had a blast sculpting some meshes.
For being such a low-cost device, this thing is amazing. The placement of the buttons on the pen is a bit retarded and I keep accidently pressing them down because of the way I grip the pen but regardless of that, this thing is money well spent.
If you ever get a chance, I really suggest giving it a spin. This thing is quite nice. Percision is great. It had the same levels of pressure sensitivity as the higher-cost models (before the new models got bumped from 1024 to 2048 levels) and the working space is a decent size.
I did notice in photoshop that there will be periods where there will be a lag in input and about half a second to a full second where I'll draw a stroke and it won't show on the screen. I think this might have something to do with the memory settings I was tweaking in the performance section of PS's configuration though.
I think it would be more difficult to do low-poly modeling with the pen and tablet since it's more for detail work than it is for blocking stuff out. However, programs like Google Sketchup benefit from a pen rather than a mouse a good deal.