Purchasing TV seasons on the iPad

I am considering buying an iPad. I used to own one but sold it around a year ago. Back then, when I bought a TV season on the iTunes store it would only let me make the purchase if I had enough space on the iPad to download the entire season - If I wanted to buy the HD version I needed a large amount of free space on the iPad or I couldn't do the purchase at all.

Since then, iTunes In The Cloud has been released. So any TV series I have bought can be downloaded episode by episode, even if I don't have space on my iPad for the entire season.

So my question is this: can I now purchase an HD TV series on the iPad, even if I don't have the space on the iPad? And then just download one episode at a time as I feel like it?

Thanks in advance! 🙂