Yes, we bought it and are doing it! It's great.
However, I would suggest that the kid be 8 or older. Even if they are highly gifted, they will get more about of it when they are a bit older.
We did these monthly kits from a company called The Young Scientists Club- they were like $10 a month and it was 13 months/13 kits. We did that when my son was 7 and 8. They were alot of fun and exciting- they introduced the scientific method. They were a great starter kit, although not just chemistry.