Yes. Just as easy as that. I find in standalone projects I use far more than ATMega uC's. With the bonus they are lighter, smaller, cheaper as well as simpler...
Adafruit sells a ZIF shield (you can easily clone this) for the UNO and I have modified it for 328P and t85P:http://www.flickr.com/photos/77727388@N06/7119371109/in/photostream
Changing the jumper and connecting ground (2 separate tasks for chip safety... just in case!) allows either uC to be burned. It is quick, easy, the sacrifice of a real Arduino UNO, but well worth the $22 price.
ON economics, in 25 Qty, the t85's are under a $1, varies from about $0.85 to $0.99 from Newark. The same 25 qty of 328P-PU will run about $1.99 so the dollar economics are 2::1 in favor of the smaller chip. However, I have (except for size and power requirements) simply settled on the 328P because of the additional RAM and flash space. This along makes it easy to create your own library set to link against and be not-too-concerned about flash or RAM issues.
Also, I have 2 MiniPro's hung off of very short USB cables that I use for programming. Code that runs in the Arduino Mini environment is nearly guaranteed to run on a naked 328P. Standardizing on the larger chip is a $1 silicon penalty that is most often the better approach (excepting small size and flea-power requirements.)