Yes, but you need to keep it stocked like in Sims 2, by going shopping. You also have a mobile phone in it, and the inventory items can be used (such as a laptop can be used wherever you are if it is in your inventory)
I already have it, had it since... well, the day before it came out in the UK, as I ordered it from Play.co.uk (I think), and they posted it, and it arrived a day early! It isn't as good as Sims 2, but Sims 2 had all of the expansions, so when Sims 3 does, it will be better.