Yes it will do just about anything that you want and yes it is pricey. The older versions do just about everything that EQ7 does but the one thing that is different from the older versions (EQ5 / EQ6) to EQ7 is that in the earlier versions you had limited installs (ie if you got a new computer - one install, if your HD failed - another install etc) where as in EQ7 you are limited to "active computers". It also has a learning curve. Lots to learn to use all the features. I am a retired HS Comp Sci teacher, and despite the fact that I use it weekly I am still learning.
I use mine all the time - I NEVER make a quilt that does not morph as it is being constructed, even if I have a "pattern". I play with borders sashing etc on every quilt. I am also currently in a BOM that uses templates (I despise using templates) so I put the blocks in EQ and do Paper Piecing with them.
If you are diligent, EQ also has monthly fabric downloads to add to your "fabric stash" in the program. Lots to play with - only you can determine if it is worth the price.