Yes, completely, and don't let the odd animation designs throw you, it's been enormous fun as well as a lot smarter than you might expect. It is to Gen 1 what Brave and the Bold is to the 1970's Batman cartoon.
It knows it's audience very well, and there are nods to the old shows and toys aplenty (Cameos be everyone from Spike and family, to never released Japanese Gen 1 characters) but it has it's own story, it's own feeling, and by going down the road of Beast Wars and focussing on a small cast of characters, it's actually character driven a lot of the time.
Try it, if you're a TF fan I can pretty much guarantee you'll find something to like in it.