Yes
It would appear that it is the best option now for a shuttle derived launch vehicle. Such a shuttle dervied launch vehicle keeps the US technology base intact, and provides a smooth course post-shuttle.
But we should also be developing 3 man capsules for the EELVs for use with the station, so as to avoid single threading.
Since the obstacles to one stage RLVs appear insurmountable with current technologies, then perhaps later on someone will come up with a two stage with a flyback liquid first stage later on.
In the meantime, Space X is going with simpler engines to reduce cost.