One word : Yes.
More detail : I replaced a Hayward 1.5HP SuperPump with the Calimar 3HP after some gentle prodding by NewDude to take the plunge.
Other than some minor plumbing tweaks, it was a no brainer. My pump runs about 19 hours a day now because I switched to a SWG too.
I used to run the Hayward for 12 hours a day (because that's what the pool guys told me to do when I first bought the house), and I did like how it kept all the floating stuff cleaned up. As I now run an SWG and a heater, I tend to run from Midnight through 2PM, then 7pm through midnight (there is a peak rate increase during the summing that doubles the cost).
Hayward : 12 hours at ~1700watts (3300 rpm) = 20.5 kwh @ 0.17/kwh = ~$3.50 a day = $105 month.
Calimar : 2 hours at ~1000 Watts (3000 rpm) and 17 hours at 1800 rpm (~ 420watts) = 2000 + 7100 = 9.1 kwh @ 0.17/kwh = $1.55/day = $47 month
The pump change alone is saving me somewhere around $60/month, despite running it almost double the time.
On a 6 month swim season here in Michigan, my $650 pump purchase will be paid off in 1.5 seasons.
If I bothered to put in a bypass for the heater and automate it so it bypassed when it wasn't needed, it'd probably run even lower RPMs and use even less power, but 1600 seems to be the lower limit for the heat and SWG to trigger, so I run a little higher just to be on the safe side.
The new pump is also incredibly quiet - for the first month or so, I had to go outside near it just to check it was running. Even when running at full power, for vacuuming etc., it's still quieter than the old Hayward.
With the $300 rebate, your payoff will be even shorter.