No. However, it may do everything -you- do on a laptop. It can view/edit/create Microsoft compatible documents, it can do email, browse the Internet, read books, take pictures and videos, and play games.
It can do things most laptops cannot. It typically has a GPS, compass, motion sensors, and (some) can get to the Internet through Cell Phone frequencies. Also, android tables are lighter and require less power than a laptop. The Vizio 8" tablet can be powered through a USB connection, like an MP3 player. You can slip the whole thing into a fanny-pack.
Most android tablets lack a physical keyboard, although the Asus eee Transformer has one, and the rest can usually take an external Bluetooth keyboard.
The only group of people really left out are the programmers. Programming must be done on Windows/Mac/Linux. Otherwise, an android tablet has no native ability to compile and run C++, Python, etc.