Yes, but keep in mind that the Powerball annuity is different than all others, because it increases each year. The MUSL people say that it's beneficial, because it makes the annuity as valuable in the final year as it is in the first. (Inflation makes most annuities much less valuable in the final years -- $200,000 per year will be worth a lot less 30 years from now.)
The side-effect (perhaps the intended effect) is that the annuity can increase faster than it would with a static annuity, relative to the cash value.
It can actually be a compelling option for someone who wants the security of knowing that they won't go bankrupt in a year by mis-managing their money.