Depends on the team, but on the whole, yes. I have a stunning group of people to work with at the moment, so we accomplish a lot. It keeps things challenging and gives us the opportunity to really expand on some ideas. We're all quite open and vocal about our project and smart enough to make improvements and use foresight. Especially in the first year of university it was a good tool to see what my fellow students were made of and to understand their strengths and weaknesses (which we're putting into effect this year).
That said, I've been in plenty of group projects where I could do the work a lot better and faster by myself, but it's usually not too bad. It's a useful skill to be able to teamwork, and it does take effort to get it right. It takes some courage to release a bit of very important work to someone else to finish off, but similarly, they're doing the same to me, so it's nice to have that appreciation. It means a project can be done 4 times faster because there are more eyes, hands and brains working on it. It's pretty good. Highschool and college sucked for it, however.