To take a stab at your question, Arnold, I must say that is a tough one to answer. I suppose it depends entirely on the fashion in which you travel and how much seeing a modern day piece of relevant history interests you.
It certainly is worthy of more than the 7 hours we were able to give it, as we were unable to see things like the Tunnel Museum and explore the outskirts of the city (where the views are supposed to be pretty good). The city is pretty large, and it is definitely a place you could stay busy for a few days. Again, I wish we had had more time to spend there.
I know the Rick Steves' philosophy of travel is to always assume you'll go back so don't try to pack in everything at once, but honestly, how many times do you really think your travels will take you through or close to Sarajevo? Not that it doesn't deserve it, it is just a little more out of the way than, say, Rome, and not exactly an airline hub.
At the end of the day, I'd say that yes, it is worth an overnight and 2 days, but if your travel plans are flexible and you get there and want to spend more time, then do it. To us, and I mean this in a disarming, not open-mouthed kind of way, Sarajevo is a bit scruffy around the edges. It's not the kind of place you go to see a Michelangelo painting, it's the kind of place you go and can't help but reflect that just a decade ago there was massive bloodshed in the streets. And that in itself can be pretty awe-inspiring, especially after seeing how far the society has come since then.