Yes, absolutely. After a lot of research into grow lights, this is the one I chose for my own indoor growing (I went with the 4200k bulb for specific reasons, but I hear the 3100k bulb does well also). It covers a 2.5'x2.5' to 3'x3' area with enough intensity to flower plants that require full sun - and up to 4'x4' if you need less intensity. Hanging distance above the canopy will vary based on the light intensity you need (light intensity drops off VERY quickly as distance above the canopy increases), but about 18" to 24" will work well for a lot of mid- to high-light requirement plants.

If you want more information about this light (or growing exclusively under lights), I really suggest you browse some of the online marijuana-growing forums. I personally do not grow marijuana, but that is a community that grows a full-sun plant all the way through to flowering, entirely indoors under lights. If a light works well for them, it will also work for pretty much any other indoor gardening purpose. The LEC has been getting incredibly good reviews in that community.

The initial cost of that light is fairly high, but the bulb lasts a LOT longer than most HID grow lights before its output deteriorates. There are exact figures somewhere, but if I recall, it will last a good 2.5 years when used 16 hours a day/ 7 days a week before the output deteriorates enough to warrant replacement. This was another selling point for me, since bulb replacements will really add up over the life of the fixture and other types of HID bulbs typically need to be replaced after 9-12 months.