i think the 7 segment trap is the one thats most people fall into when looking at the max chips. I use these regularly, to drive a couple of hundred leds, some leds are 7seg, some are bar graphs, others are backlights, some out on there own as problem indicator lights. They are mix and match, yet happlily coexist being driven off of a few Max7219.
As a few of the posters have said, there are alternatives, and the newer ones are better. I used this the MAX7219 in my first BIG led project, so i have got used to it, know its quirks, and have oodles of code for it and a box full of them. If your new to these chips, id suggest you start with one of the later maxim led drivers, as they are even more capable, and can handle way more leds (although im sure they are wired in a different configuration from the older ones ?)