oh hell yes. I've used its predecessor as my first 'proper' music rig, and currently use an maudio fastrack - I believe the new models come with complete drivers (with the mbox2, you had to dig up drivers, and it was somewhat crippled - one track only). I believe i did a writeup somewhere here, else gimme a poke and i'll link you to another copy of the writeup.
I'd suggest using ASIO output even if the mbox3 supports usb audio - i found with my fastrack that (subjectively) ASIO sounded significantly better - you will need a plugin for this, but i believe its one of the official ones.
The last thing i'd doublecheck is the impedeance of your headphones - they support only up to 30 ohm - it works gloriously with my M50s, but if your headphones of choice have lower impedance, you're better off with something else.
Finally, if running it off a laptop, you MAY need to be picky about USB ports - the ones with a little extra power may be needed in some cases - on my thinkpad, i can't use the pair on the left side of my laptop, but the one on the right side works.
