I already answered yes in this thread, but now that I've complete the first Metal gear solid again, I'll change my answer to a resounding YES!!
Its been, say, 14 years since I've last played this game and I've always liked the first MGS, but as I played through each subsequent game in the series, some part of me always thought, through some type of rose-colored nostalgia goggles, it made my memories of the game more enjoyable than actually playing through it.
Oh boy, was I wrong. Metal Gear Solid is no joke.
Grounded story (for this series), awesome plot, great cast of characters, incredible music, the twist and turns, etc. The gameplay even holds up... mostly. You still have a few instances where there are some archaic design choices, like you having to equip card keys before entering a door (which honestly is very infuriating) and aiming is an utter joke ([read: nonexistent] which I guess I get since this is meant to be a real "stealth" game), but other than that, this game still plays great 14 years later. Also, to no fault of the game itself, the backtouch on the Vita made the first portions of the game pretty annoying earlier on since the most subtle touch brings up the weapon/item menu. So I had to learn to hold the Vita in a very specific way since you can't disable backtouch for PS1 emulation. Which blows.
All in all, I greatly enjoyed this trip down memory lane. I learned a great deal that makes me understand this series a lot more. A lot of things I forgot I now remember (I honestly didn't even know Solidus Snake was mentioned in the first game) and I also really enjoyed seeing how the relationship between Snake and Otacon started and grew, especially considering how it flourished into what it is presently now in this franchises latest entry, MGS4.
Re-playing this game has been an utter joy and honestly I felt as engrossed as I did back in 1998 playing this on my "small" crummy 27'' CRT TV. I can't wait to jump into MGS2 now and each game to follow. Again.