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Worth the money? Saves time? Good start point for water newbies? 
Yes, yes, and yes!
Depending on the size of your water base, a single jar goes along way, mate...I like to use the clear formula and depend on the color shades of the pre-applied paint shades on the base showing through the dried "water", and the results are striking...and you can then add any additional effects on the surface (foam, wakes, etc) with dry-brush technique...the consistency of the product allows for preforming any water effect that you wish to reproduce, including a convincing wake from a vessel steaming over the surface.
My best advice, as with all never before-used-products, get a jar and do some experiments on your own before you make the final base for that prized model that you wish to display on it, James...
Cheers,
~Gunny 
