Many areas here in NY are shotgun only. So yes, they are very effective. If you only want one gun for now, the one you're thinking about is a good choice. Although if you plan to hunt varmints, use the bird barrel. The slug will destroy most of them. Then again.... maybe that's what you're going for.
I own a Remington 870 combo and I love it. If you took a poll, I bet you would find that more hunters own an 870 than any other shotgun. Now, that doesn't mean its the best gun out there. It just means its the most popular gun out there.