Yes, I've done it several times. It's good if you're adding new people, and manageable if you're updating people who are already there.
If you want to update existing profiles, you should consider just doing it manually online. A new upload of the same individual will create a second profile for that person and you'll need to merge the two, then do some clean-up editing on the merged profile. Unless you have a lot of updates/corrections for that individual, it's probably easier just to edit the existing profile online.
For new individuals, you'll need to make all the family connections, but that's pretty easy to do.