It is. It's hard to work with, even if it is beautiful.
How do I know this? Well, the Yarn Attic is running a KAL for the months of March and April (sign up and details are here, for the curious)
It's for shawl/shawlette knitting, and the only other requirement is that you use Malabrigo yarn.
So, I'm finally getting some use out of the Malabrigo Silkpaca I bought last year at the Toronto Knitter's Frolic!
Even if it is light-weight and very fiddly, it's still very pretty, and the texture is -wonderful-.
I'm hoping it will work up well in an Ethereal Shawl, and so far, it does quite well.