Well, yes and no. I'll compare it to my dinky 18-55 VR rig lens for comparisons sake.

Size: its huge, with the hood its even more huge. The 18-55 is literally a 1/3 of the total size and has basically the same focal length.

Sharpness: Yes, here is where it shines over the 18-55, stopping the 18-55 down provides similar results however, providing you've got the light to do it.

Light falloff: Appears to be worse on the 17-55 than the 18-55, IMO, just comparing shots taken at f/11 on both lenses and comparing them all.

Price: $1300 vs. $130, you make the call there.

Overall: The 17-55 is great, but it really doesnt "feel" like an f/2.8 lens, Barrel distortion is a bit worse than desired, and even at 2.8 I still find myself pumping ISO and slowing down a bit when using it indoors for...well...anything that doesnt involve my studio lights. And the price, its currently my most expensive lens, out of all that I own. And for me to not be jumping up and down screaming about how good it is should say something.