Depends on what you mean. In essence, the iPad is just a larger iPhone. There are some cool apps that can do some neat things, but you'll find limitations. Compare a photo editing program for your comptuer vs one for the iPad and you'll find that hte iPad can do basic photo editing, but nothing fancy or indepth. Same with about anything.
An iPad is largely meant for data consumption....playing games, reading books, accessing files on the go, it's not really meant to be a full scale data creator.
When it comes to running anything, you're limited to what's in the app store. This means no flash (or practically no flash), limits on java and other common plugins that you take for granted on your computer.