Oh, yeah. Superb for summer. This helped me kick my smoothie habit.
Tried this because I needed to use up some excess watermelon (I'm a sucker for whole watermelons on sale, but they take up so much room in the fridge). I didn't have papaya, so I subbed mango (which meant I didn't need to use very much sugar). Used fat-free condensed milk (only type I buy). I made a glass for myself, and only got two sips before my DH snatched it! Good stuff, very refreshing.