Frequency response of MCU decoupling capacitor
I agree with Lundin's comment that 1 uF is a bit of a high value, especially if you only use a 1uF capacitor.

But to answer your actual question: yes, it will probably just work if your circuit's design isn't sensitive to noise and disturbances on the supply voltage. 
For example: a LED flasher or a motor driver will probably just work. If you're using this MCU in a design for a GPS receiver then this single 1 uF bypass cap. might not be enough.

What is more commonly done is to use a single 100 nF capacitor, that will take better care of the high frequency signals.

Even better in a sensitive environment (like a radio receiver) is to use multiple capacitors. For example a 100 pF and a 100 nF capacitor in parallel. The 100 pF should be placed as close to the MCU's supply pins as possible and connect to the ground (plane) directly. The 100 pF will then take care of high frequency signals on the supply. Ten also add a 100 nF capacitor which can be a bit further away from the MCU.

Ideally each chip would have it's own decoupling capacitors and if a chip has multiple supply pins it might be good to give each pins it's own decoupling capacitors if the pins aren't close together.

But if your device has no noise sensitive parts you could get away with only having a 100 nF single capacitor.

Pro Tip: if you make a PCB, just add the footprint for the caps, it does not mean they need to be there in the final product. That way if there are issues you can easily experiment with adding extra caps.

Also see EEVBlog's videos on bypass capacitors