Indeed it is, if a bit outdated. It has been recently superseded by the T3i, T4i, T5i, T6i and a T7i.
So if you are thinking of buying the Canon EOS 550D (lovingly called the Rebel T2i) I would recommend getting one of the newer models as they are compatible with Magic Lantern. On the other hand, the T2i is available considerably cheaper now and used models may even go for as low as $300US or less.
The T2i was built for photojournalists on the go. It has superb picture quality, especially in combination with a good lense, in a small, lightweight package. While the 5D and other standard pro-cameras are of course the norm, the T2i is a close competitor, especially for professional work on the go.
But the real kicker is it's video ability. Meant to give the photojournalism in the field a video edge, it delivers TV-grade quality. This and its low price made it an instant success among indie-filmmakers. In combination with the Magic Lantern firmware and basic filmmaking techniques, it is capable of delivering almost movie-quality footage.
Hooking onto that success, Canon began rolling out more Ts almost every 8 months to address the growing indie filmmaker market it had discovered, each model addressing other issues the previous cameras had, most notably a fold-out monitor. However, the basic look and feel is the same throughout all models, but none more professional than the original T2i.
So yes, it is an excellent camera, especially as an entry-level filmmaking or photography tool. It doesn't quite yet live up to other more expensive gear, but it is surprising how close it does come.