Very much so, it's equivalent to the VM fibre service, only short lengths of copper coax between you and the fibre, virtually no interference, so all BT can screw up is the exchange capacity and backhaul.
After 12 months, it's a rolling 1 month contract, and the phone line is carried on the service, so no need for a separate line, in that respect it's similar to ADSL.
The one person I know who's gone live was on a 3M ADSL service and is now downloading at 23M and uploading at 7M!