Sure. It can be very helpful in lots of straight sewing situations. I have a friend whose only machines are 3 FW's. She keeps a walking foot on one at all times.
I have been told by my sewing machine repair woman not to run the walking foot too fast and not to back stitch with it. For me the slower speed of the walking foot is a limitation for lots of sewing and long seam piecing.
Another precaution to take is checking the screws on your needlebar. With prolonged use, the forked arm works my needle screw loose, and the needle will fall out while sewing if I don't check it. Also, the screw holding the walking foot onto the shank can work itself loose. This does not happen to some people and it doesn't happen to me very often, but it is something I have to watch on my machine.
Enjoy your walking foot!
Dayle