Indeed. Actually you need the errata in case you own an older/outdated print of the second edition rulebook. But in that case you are fine with updating the rulebook itself.
Would you reccomend A&A Pacific 1940 to a fellow A&A player?
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my main opponent(strategic planner) is desperate to buy this game and i want to know whether to invest half of the cost in it or not
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I think it is a good game. Its pretty tough for the allies if the Japanese use the J1 attack tactic, but there are lots of ideas people have posted to fix that. Its required for global and I think that will be the best A&A yet.