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I like it. Philosopher's Stone is easier to build in some situations but Sightstone can be good as a first time too if you can get it. The items aren't exclusive by any means and you can get both if you have a good opportunity to do so. Starting with a Flask is one way to go for Sightstone early.
Sightstone also upgrades and even though the upgrade isn't bad it too is hard to build and offers somewhat redundant stats. Especially if you already have a Philosopher's Stone it may not be worth it to upgrade Sightstone and just build a big item instead. While both Sightstone and Ruby Sightstone save you money in the long run getting main items early is important too.