Basically yes.
But one has to be careful, as we somehow have the instinct not to
create lots of short time objects.

To Tom, sorry for the sloppy abbreaviation, but it means incremental
Garbage Collector, applying different strategies of collection
depending on object age.
If you have 45m to spare, there was a most interesting talk at
Rubytalk by Glenn Vanderbourg, have a look by all means:
http://rubyconf2008.confreaks.com/how-ruby-can-be-fast.html

Cheers
Robert

-- 
It is change, continuing change, inevitable change, that is the
dominant factor in society today. No sensible decision can be made any
longer without taking into account not only the world as it is, but
the world as it will be ... ~ Isaac Asimov