Whether it is value for money or not depends on what price you bought it for. If you buy it new from the shops, then it is indeed not value for money... and most people know it. Canon sets a very high RRP on this lens, and I think very few people will actually buy it new from the shops. But if you buy it from B&S, then it usually reflects the true demand/supply of this lens.
This lens is sold as a kit for quite a few cameras. So, if you manage to pick up one of these, then you may just get a good deal. It usually sells from between $400 to $500 at B&S, depending on condition.
It is not a bad lens. I used it for a while. The IS is useful, and it is opticaly decent, though not excellent.
But that said, bryan78, you did not specify if price of lens or your budget is of any consideration?
my suggestion is,
if IS and price are the main consideration : Canon 18-55 f/3.5-5.6 IS
if IS and range are the main considertion : Canon 24-105 f/4 L IS or 17-55 f2.8 IS
if range and $ are the main consideration : Tamron 17-50 f/2.8
or
you may wait for the yet to be launched (rumour Jun/Jul 09) : Tokina 16.5-135 f/3.5-5.6.
I personally will want to give this a try as a all in one street photography/ light travelling lens for my backup 20D