Depends on who you talk to...
I used some Kolorscape sand in my 46 to try it out, but was afraid to use it in my main display tank when I upgraded it from a 60 because of the investment that I had in everything in the tank. I haven't had any issues with the 46, but overall I'm less pleased with the appearance of the sand (a finer texture and kind of a weird color). So far, I'd say that it was a good solution for a tank that I don't intend to ever be a real "show" tank. I sold some of the Kolorscape I had left over to gflat65 and Angela Short, so maybe they have more input on it.
When I moved up to my 90, instead of buying more live sand, I just bought dry aragonite and seeded it with quite a lot of my old sand. This gave me the same look and saved me some money, and the new sand quickly got plenty of life thriving in it. The sand was still pretty expensive, but not nearly as bad as the live stuff.