Yes, but some features are unavailable such as iMessage and probably iTunes DRM, which are tied to the hardware. I was very disappointed to discover this since

Yes, but some features are unavailable such as iMessage and probably iTunes DRM, which are tied to the hardware. I was very disappointed to discover this since I was installing OSX in a VM primarily to use iMessage so that I could type my texts like a sane person instead of pecking at a touchscreen sitting next to my keyboard.