Not for programming it's not. It's confusing, but o1-preview is currently pretty broken for many tasks, or in the words of Sam Altman [0], "deeply flawed". o1-mini is the recommended model [1] for programming exercises and is superior to o1-preview in OpenAI's programming benchmarks [2].
Personally, I'm sticking with Claude Sonnet 3.5 until more people figure out how to use these new models effectively. OpenAI employees said on launch day that traditional prompting techniques might not work with this one so we'll just have to experiment.