It is basically the same as a standard 92FS, but it has a rail.
You're not going to see a lot of them, but if it's all you have, go for it.
Our national champion in USPSA production shoots a 92.
Is it competitive enough? Sure. If you practice with it you'll do fine. I shot one for three years.
Now, you asked about IPSC (outside the US). Not sure about that since their rules have deviated from the US over the past 5 years, but as far as I know, the 92 meets the requirements for IPSC production division as well.