The answer might be no. I ran a cola taste test two years ago in which the organic cola from Whole Foods was graded pretty low. And Pepsi Natural, while it'll never be mistaken for regular Pepsi, actually isn't that bad just as a cola. As you might expect, the flavor is a little more watery than a "standard" cola - sort of like if Vitamin Water made a cola - but it isn't too bad, and there's really none of the sometimes overly harsh bite that cola can have; it's much smoother going down. The difference between sugar and corn syrup is only really noticeable (aside from the fact that the cola is not overpoweringly sweet) in the aftertaste, which left hints of what reminded me of maple. I also thought I got a little bit of the flavor of the apple extract which the label says is used for color; that light fruitiness adds an interesting layer of "naturalness," for lack of a better word.
At 150 calories and 38 grams of sugar in a 12-ounce bottle, it's hard to imagine Pepsi Natural catching on among the health food set, no matter how all-natural it is. But considering the inherent flavor disadvantages it has next to its more industrial brother, I think it comes out pretty well, and in some cases even nudges ahead. You could do worse than trying it once, certainly. It seems to be sold mostly at Target (although I did see it at Dominick's tonight), so check that out if you're interested.