Absolutely not, nor any current Windows Mobile phone for that matter. They are all sluggish and outpaced by newer Android, BlackBerry, Palm, and Apple devices. Plus, Windows Phone 7 phones are coming out this fall, which means that all Windows Mobile devices are already doomed to be outdated this year. The only reasons to consider this phone are if you must have worldphone capabilities (a SIM card slot) or a slightly larger touch screen (3.6 inches versus the Eris's 3.2 inches). Other than that, the Motorola Droid, HTC Incredible, and HTC Droid Eris are all much better choices (ignore their prices; they are nothing compared to the total you will have paid over the course of a standard two-year contract).
In short, the phone is already outdated. There will be few updates for it in the future, when compared to devices such as the Eris (the latest edition of Android OS v2.2 "Froyo" will be downloadable to the Eris as well as all the other 20 or so Android devices out there).
Another strike against the Imagio is its limited application store (Windows Marketplace for Mobile), which cannot compete with the expanding Android Marketplace, Apple App Store, Palm Catalog, and the soon to launch Windows Phone Marketplace for Windows Phone 7 phones. Check out some of my other answers to people's questions if you want more info.
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