I would consider it organic. Even the fact that it has "Low mammalian toxicity" doesn't concern me much as Spinosad has also found its way into monthly pest controls for dogs and cats. If it was BS then I think there would be a lot more cases of pet fatalities and the product would be pulled off the market. I do not see a difference between Spinosad, BT and beneficial nematodes. Really, I don't see a reason to distinguish between Spinosad and predatory insects. They are both organisms that help control other organisms.
As far as its effectiveness, I am sold on it. I have been using it in conjunction with nematodes (applied in March) and BT (applied bi weekly). I use the Spinosad on the alternating weeks from the BT. It definitely saved my cabbage crop this year. BT works really well, but the loopers always continue to feed for a few days after treatment, with the Spinosad the loopers drop off and get eaten by the birds within a few hours.
I should also note that I have not seen any decrease in beneficial insects in the garden. I saw dozens of ladybug larvae yesterday and I have a VERY active colony of bees.
I have only been using it for a month now, so I guess time will tell.