Yes, except for the fact that you still have badges and bouncing indications. So if someone sends me a Skype message and I'm not there to hear the sound, I will later still see the badge that says "1". Same thing with Mail. I don't have to go and check my mail every x minutes because Mail will simply display a badge on the dock icon.
Stacks are also very useful, especially the Downloads stack. I would not like to get rid of that.
If Apps with notifications could use some sort of integrated system notification, maybe at the top of the screen in the menu bar, that would make the Dock less important for me. It takes up a hell of a lot of space, and I hate hiding it as there's a delay between your mouse reaching the bottom of the screen and the dock appearing.