Yes, it's basically a large Kindle.

For reading and work, I actually prefer this experience. The contrast for text is way better and more crisp than regular LED/LCD/OLED displays, unless you turn the regular display's brightness way up, until which point my eyes hurt from all that light emitted. This was my primary reason for buying such a display -- I love my Kindle and want to use it more, but I couldn't.

Now for entertainment you are obviously limited. For informational Youtube videos you could be getting by alright -- you don't really need to see colors for those. Games is tricky since you could only do non-demanding ones. Shopping gets tricky since you can't see colors. Sometimes I find myself hopping on my iPhone to check before placing orders.