Oh yes, it applies:
If you are using this formula in a large number of cells, using a table approach makes it easier to update prices, or quantity ranges. Change one table and all cells referencing the table will have been updated.
In either case you can extend the use of IF functions, say you wanted to give preferred customers a better rate you could do this:
Then the rate for preferred customers would come from an alternate table.
This approach will work with DerbyDad03's formula as well.