Simply put ... yes.
Long and probably the best main answer:
While Earthquake does affect any number of targets for damage, it has greater worth in it's knockdown effect that is useful on groups that have casters or mobs with channeled abilities.
In 4.1 Earthquake is being changed from an 8s channeled spell to a 2s cast/10s duration spell (despite the 40% dmg reduction for some stupid reason).
Your needs may vary, but Earthquake's use as an AoE knockdown/interrupt is imo easily worth one talent point.
"...for he suffers the worst fate he can know, and that is to know that he dies."