Absolutely. The key is the instructor. For courses like this, adding content is permissible, so if your instructor is an equipment repairing/maintaining fiend, it can be a really good course that would have taken a lot longer to acquire.I found the PADI Equipment Specialist course to be valuable. As a newer diver, it helped me understand how to maintain and troubleshoot my own equipment better.
I'm sure I could have accumulated the same knowledge over time by talking with the equipment techs at my LDS as well as other more experienced divers. I made the conscious decision, however, to spend a little money to get the knowledge quicker.