The usefulness depends also on the input voltage you apply to the 7805. And if 0.5A is enough for your system.
The input must be above 7.5Volt for correct regulation, and below a certain voltage depending on the maximum allowable power dissipation (heatsink). (P = (Vin-5)*Iout)
For the capacitors, I should add a big electrolytic capacitor (100µF) at the input. But this depends also on how stable is the input voltage is, and what peak currents you expect.
Stefaan