Err, no. Using precision damage makes them very vulnerable to running into the plethora of conditions where said precision damage does not apply. Trust me, I played a Swashbuckler at level 15 for two months. Every second fight (at the very least), I ran into opponents in poor light conditions, with magical concealment, in fog and so on.
The Swashbuckler also suffers from his poor saves, which are only partially mitigated by the Charmed Life class feature. The Slayer at least is better in this regard and is overall the better class in terms of versatility.
Why can't they at some point consolidate rules. You have to look all over the damn book to find a specific ruling. The elimination of precision damage due to concealment is written in the environment section for darkness. Why not put it under every ability or at least under concealment.
That weakens them quite a bit as concealment is easy to come by at higher level. Glad they completely eliminated this rule in 5E D&D. Too many things to keep track of in the game now.
EDIT: AH! Found it. The environmenal rules actually only say that creatures that are *blinded* lose their precision damage. Simple concealment doesn't stop it.