Yes, it will work: All beacons that operate using the 457 kHz standard will work with each other.
Like any technology there are advancements however, and transceivers are no different. Some of these advanced features are pretty amazing, like the ability to easily do multiple-victim searches. There is lots of info on the web, just hit Google and search for beacon reviews or similar.
Most newer transceivers are going digital and use multiple antennas, while the Pieps 457 is an analog transceiver with a single antenna. But no matter what type or brand of transceiver you use the most important thing is to practice with them and make sure your riding partners practice too.