Yes, except it's more formal. Based on tone, it can mean "what?" or "yes" or indicate hesitation, etc. If you say it really sharply, it can mean agreement, but

Yes, except it's more formal. Based on tone, it can mean "what?" or "yes" or indicate hesitation, etc. If you say it really sharply, it can mean agreement, but "ええ" (the sound the Fonz makes) is probably more equivalent to English's "yes."