Not at all. All of my machines now have Windows 7 professional x64 on them. I have my desktop machine, my laptop and my wife's desktop all networked. I set all computers up to use homegroups because the ability to share media easily is a great extension of the library concept. The thing is my wife doesn't need to know what is on my laptop or on my desktop necessarily, but if I try to share a folder for me to transfer files between my laptop and my desktop it seems that I can't without sharing the folder with the entire homegroup, in other words, I can't get the desktop and the laptop to share with a single user. Going out on a limb, it's like the laptop user isn't being given access as the desktop user or \\acomputer\user not = \\bcomputer\user when both have the same credentials in the same workgroup.
Once I removed the laptop and desktop from the homegroup, set the security of the folder to just my user name and set the sharing permissions to my user name (as I would normally do), now I can share the folder between the laptop and desktop and my wife doesn't see it
So while the concept is good, homegroups needs more work cause it's broken.