Absolutely! I actually think iPads (and iOS in general) handle PDFs much better than OS X; it's incredibly smooth compared to the laggy, disjointed scrolling and zooming in *any* PDF viewing application on OSX.
I keep everything on there (well, in the cloud, synced to the iPad). It's much more convenient (and easier to carry) than having everything on paper. I scan everything I can and use OCR to convert the scanned images to searchable PDFs.
I recommend PDF Expert or Goodreader. PDF Expert is better looking, extremely smooth, and very functional, but Goodreader is cheaper and possibly better for editing PDFs. They both have the ability to sync with dropbox and other cloud storage methods. (I should note that Notability is also good for editing PDFs, but not as good for viewing long ones.)