It works just like AirDisk in the current 802.11n base stations. So Yes, you can use it as a normal shared hard drive.
"Works with Mac and PC.
Time Capsule with Time Machine in Leopard is the ideal backup solution. But that doesnt mean Tiger, Windows XP, and Windows Vista users cant enjoy the benefits of Time Capsule, too. Because it mounts as a wireless hard drive, Tiger and Windows users simply access Time Capsule directly from the wireless network for exchanging and storing files quickly and easily."