I would say yes.
It handles pdfs adequately fast (for my taste). It could be faster, but with a book, you have to turn pages, too.
Like stated, I can read real pdfs, scanned pdfs and text only pdfs to a satisfactory level.
Don't interpret my satisfactory as a "it works so so". I mean the device really handles pdfs to my likes.
All other tradeoffs apply. No firmware updates from Sony, glare, finger prints due to touching the screen.....
If you can live with all that, the reader, in my opinion is a fine pdf reader.
I don't know how the handling of pdfs is like on a kindle with the 2.5 firmware. They added pan and zoom for the 2.5 release.