I used it to make a pair of socks, and while it's a very durable yarn, it's not one of the softest. It's not bad, but it's definitely not my favorite. Plus, the balls are only 103 yards, so knitting a sweater would take A LOT of balls. It's really inexpensive, so that's a plus. Taking into account the sheer number of balls, the feel of the yarn, AND the fact that it has to be hand washed, I'd say no.
But that's just me. I'm sure there are people who just love it!