I don't think I would rely on it for absolute measurements, but for comparisons it's more than adequate.
I bought the one I have around 1993 or so, new. It doesn't use the green production transamp module, but a yellow epoxy potted transistor array, with the opamps external.
I've used it often in the past tracking down noise sources. One incident that comes to mind was in Edmonton's then-new Winspear Center concert hall. I was called in when the sound installation contractor was unable to rid the system of residual 60 Hz hum from the speaker clusters.
It turns out the power amps located in the fly tower had poor common mode rejection, and the 200+ foot input lines driven from the Apogee Xover processor located in the sound booth were picking up lots of noise. Simple solution was to locate the Xover upstairs next to the power amps. The common mode rejection on the Apogee processor was much better, by about -30db.