Well, okay, it "represents" a block size increase, so that you can put ~70% more transactions into a block. In reality, it is not a block size increase as the block size will stay at 1MB.
But I don't think that this is enough long term. I would much prefer an increase to 4MB or even 8MB.
Long term 4MB or 8MB (or even 32GB) won't be enough. SegWit enables more sophisticated scaling solutions necessary if Bitcoin wants to become anything more than money for a selected few enthusiast.
But I don't think that this is enough long term. I would much prefer an increase to 4MB or even 8MB.