Is the usage of the “momentum” significiantly superior to the conventional weight update

The "momentum" adds a little of the history of the last weight updates to the actual update, with diminishing weight history (older momentum shares get smaller). Is it significiantly superior?

Weightupdate: $$w_{i+1} = w_i + m_i$$

With momentum: $$m_0 = 0 \\ m_1 = \Delta w_{1} + \beta m_0 = \Delta w_1 \\ m_2 = \Delta w_{2} + \beta m_1 = \Delta w_2 + \beta\Delta w_1$$

So the momentum already contains the actual weightupdate and the momentumhistory. beta is like alpha a number between 0 and 1 (beta diminishes older momentum items).

Is there a common consent, that the usage of the momentum approach improves the learning quality, in terms of stability and speed?