Probably not.
The biggest problem with Yelp is that they operate as an extortion racket. They will not remove bad reviews unless the business owner pays a fee to Yelp. That's how Yelp makes money.
In an "ideal" world, Yelp-like reviews would be normalized with the top ten percent and top ten percent of scores removed. This would largely eliminate a lot of fraudulent reviews (business owners getting friends to provide glowing scores, or competitors bashing their peers). A few truthful third-party reviews would be eliminated as well, but those contributors, in seeing their reviews vanish, would be discouraged from submitted additional reviews.
The other big problem is the issue of qualified reviews. Would you trust more for a review of the local sushi bars and burger joints? The restaurant critic at the local newspaper or your next door neighbors? Let's say the newspaper critic grew up in the Midwest as the son of a butcher. Let's say the neighbor to your left is a lady from Venezuela. And the neighbor on your right is a chef from Austin, TX. More reviews isn't necessarily helpful but Yelp's business needs traffic, and does much of it by getting people to interact and contribute reviews.
Yelp is more useful if you are out of town and too lazy to do research from qualified local reviewers. But Yelp users must realize that they basically asking some random person on the street. Popularity does not make a place good; McDonald's is a great example of this. Even a "quality" regional chain like In-n-Out Burgers is subject to this. For every In-n-Out location, there's likely a mom-and-pop burger joint within a couple of miles that blows doors on that In-n-Out store.
When you use Yelp, you are asking the Great Unwashed for their opinion.
I agree with "reader beware". I do not subscribe to the view that user reviews have no value. Many of the so called professional reviewers are no more qualified than my neighbor. They are professional writers and their skill is used to earn a living.