Indeed.
xwOBA takes it to a whole other level by assigning an offensive value to every event based on launch angle and exit velocity. This allows for a metric that strips away luck, ball park, sequencing, and defense from the equation.
With xwOBA, a pitcher is credited positively for a weakly hit grounder, even if his defense doesn't convert it into an out. The pitcher is also dinged for giving up a rocket even if it just so happened to be hit directly at an OFer for an out. It is currently the most predictive/descriptive of all pitching stats, and does the best job of truly identifying which pitcher is best.
What xwOBA doesn't do is tell you things like which pitcher would benefit most from improved defense. For example, two pitchers with xwOBA of .300...one is a high K and high BB guy, the other is a low K low BB guy. Stick the pitcher who gives up contact in front of a good defense, and the resultant ERA will be better than the guy who doesn't allow as much contact. In that case, you clearly want the contact guy if you have a good defense, and the K/BB guy if you don't.