For a three year old boy I would say Yes. Money well spent. We have a number of related products but not this particular one. I have played with it though. I think the idea is brilliant, it finally links a preschoolers toy to the reality of the future. I think the product is expensive and not perfect but if we didnt have 2 working lapsers we would have bought one.
Their games ( yep expensive but perhaps cheaper online) are great, they have LOTS of educational value. My kids have practiced sight words, abc's, addition, subtraction, animal knowledge, geography, memory skills, times tables, visual discrimination, languages.... Truely heaps!
The addition of a camera would make it worth half the price too, have you ever seen how excited a three year old gets with a camera to play with?
You child will use this toy until they break it, it should survive 2 years of boy use. We actually had one of our leapsters survive a night in the rain! My 8 year old still has a few games she likes to play on hers. Perfect toy for the car. Once you get it ask relatives to buy app cards and games for presents