No, it's fantastic, but also beta. Bugs exist.
Just for the record, it's been great for me... took a little while to figure it all out and I haven't asked it to do much regarding oculus desktop (while its really useful for doing things without taking off the headset I personally find the resolution of the headset too low to use it for anything productive when I have a nice 4k screen), but I've spent plenty of time in the new home customising things and messing around, browsing the store and playing games from it. It's been great. Couple of hot fixes have already been issued to deal with guardian boundaries and steamVR game performance problems early on.
Love that you can initiate playing games by popping the cartridge in the old console... shame that only works for oculus bought titles and not steam ones. Most of the time I just launch normally, but its a neat touch.
You can roll back, so I would say give it a go personally if you're interested. If nothing else its a cool glimpse of where they are headed in terms of design/functionality.