No, it is an analog scanner. See here for details:
Pro-107 - The RadioReference Wiki
It's a good scanner, if you have analog transmissions to listen to. If your agencies have gone digital, then it may not provide much fun.
Part of this answer depends on what you want to listen to, where you are in relation to the agency, etc.
Any of the newer analog scanners will run about $150 (less with sales). Digital adds alot more to the price....
Checkout the RR wiki for details about RadioShack scanners:
Category:Radio Shack Scanners - The RadioReference Wiki
You may not NEED a digital scanner (Shelby County, right?), but some of the local agencies MAY adopt the P25 digital mode OR you could listen to (mostly encrypted) federal agencies in digital......
The analog and digital capable scanners are similar in many ways, including programming, etc. I have two digital scanners and listen to alot in analog mode, including public safety and aviation.
Poke around in the Tennessee forum and see if your area is going to digital modes. There are more types of digital transmission (e.g., NXDN, MotoTRBO) that cannot be scanned with a handheld scanner (disclaimer: some can be scanned, but require a computer, certain software, and a radio - if the agency isn't encrypted, of course).