as far as i know, it will. it will be minus all the apple apps, but you'll have access to all the android apps....which, in my opinion is a more than fair trade. + i am pretty sure that you can sync itunes with android.
everything available in the android market can be put on the tablet + easy access to internet. you can run in as a mobile device or use full internet access.
it's kind of like a little, flat, laptop. with that in mind, you can get a really nice laptop for the same price and have a little more capability like easy hook up to printer, keyboard, etc. the big advantage to the tablet for us is the amount of travel we do and trying to keep packing and security crap to a minimum.
also think about removable memory. some have it, some don't. for some people it's important. also, do you want to have only wireless or do you need 4g and a data package?
go someplace and play with them and spend some time doing your homework. there are tons of tablets out there and some of the less expensive ones are very nice if you are going to be a casual user. ARCHOS makes some that are less cost and have pretty good ratings.