For a cursory check it seems to work reasonably well, although the database is known for inaccuracies and omissions.
Below is an example of the information regarding a model number 166.0168.
The only way to be really sure for a specific watch is to obtain an extract from the archives.
http://www.omegawatches.com/spirit/history/extract-of-the-archives/order-form
Omega Vintage Database here:
http://www.omegawatches.com/spirit/history/vintage-omegas/vintage-watches-database?ref=14683
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Genève
Gents' leather strap
Reference
ST 166.0168
International collection
1973
Movement
Type: Automatic (mechanical)
Caliber number: 1012
Created in 1973
23 jewels
Central sweep-second hand
Functions
Date
Case
Stainless steel
Case back
Press-in
Dial
Metal, with luminous hour markers and luminous metal hands.
Crystal
Armoured hesalite
Bracelet
Leather
Water resistance
30 meters