It looks like one. See the web page of some expert who believes it was a Germany's Best Tank of WWII : http://www.panzerone.com/
The Panzer 1 was equipped with two machine-guns. It was fairly speedy, but obviously could not slug it out with tanks armed with cannon. The Germans had a lot of them in parades and the invasion of Poland, but after that, it was relegated to training assignments. It was important in that the Germans used it to test their blitzkrieg ideas, and it proved they worked. Later German tanks packed heavier punches, of course.