I'd say so, especially if we're talking about Canadian dollars.
the only thing I might be slightly wary about is the possibility that it might be a bootleg.
a lot of members have stuck with premiere 6.5 instead of upgrading to pro (which has quite a few issues...the most notable being memory useage and bad exporting. These problems have persisted through pro 2.0, we'll see how pro CS3 does)
one downside of getting 6.5 as opposed to pro (disregarding the price difference), is that if you also get After Effects I don't believe that recent versions can import project files from 6.5 (I may be wrong about this though)
I agree with kairudo and beware of a bootleg. I got an educational version off e-bay for just over $200 USD.
In terms of usability and all, it kicks butt over Pro 1.0 (only other one is used which was a bootleg) but offers less features which I typically don't use. It works pretty good on a slower computer and like a god when you have 2gb RAM +. Only crashed on me when I was overloading it with AVS files. But it has a very low learning curve so you can almost pick up and edit in a matter of minutes.
As for compatibility with After Effects, Premiere 6.5 works with After Effects 6.5 but it does not carry over anything you do with the rubber bands. I've yet to test with 7.0 so I can't say it continues.