The answer is YES.
I don't think it required any calibration in the real sense - like measuring out wheels. I don't remember programming anything in, although the user data section is very easy to use. You can program for different bikes, inputting weight of the bike, etc. - but I never even do that. I just switch the unit from one mount to the next (it came with 2 mounts).
I use it on both my MTB and road bikes. The GPS tracks speed and distance. The cadence/wheel mount sensor thing acts as a backup for that GSP speed/distance data. 2 of my 3 bikes don't even have the cadence attachment and all works well.