Yes.

ITIL V3 is part of a process to enhance and improve the ITIL best practices. This is the
essence of “current best practice” – defining the frontiers of industry practices, which
continuously shift as organizations compete to meet the evolving demands of customers.
ITIL V3 will help service providers remain competitive and effective in providing value
to their customers. A significant portion of ITIL V2 content will be refined and included
in ITIL V3.
The structure and content of ITIL V3 are based on extensive public consultations,
contributions from industry leaders and the parts of V2 that are still widely practised and
usable in the ITSM community.