Yes, but the decals are nice.
The kit was first released before Columbia flew, and as you have noticed, there is room for improvement. Aftermarket parts are available, but it's your call as to how much time and money you want to throw at it. If you just want a decent out of the box Shuttle stack, then I recommend the 1/200 Hasegawa kit. I believe that it only dates to the mid 80's.