Sure will. With the older models the gps tech isn't as good as it is now. This means it may take longer for it to lock on to the satellite when you first head out (protip: turn it on and set it outside facing south 5-10 mins before you leave). It also means if you're riding through an area with lots of tree coverage or tall buildings you may lose the connection. It'll reconnect fairly quickly once you're clear.

Overall these two things are not a big deal. The worst I've had is losing about a kilometer on a long run.

One more thing - my old one requires a serial port to connect to the computer, so you'll probably need a serial-usb adapter cable.