Yes, the basic idea is that you group everything into Activities, which you can switch between.
In such an Activity you can have running apps, app launchers, documents, images, links, bookmarks, widgets, contacts, messages. These "items" are all tied together by a semantic layer of metadata which represents your grouping as activities.
You can easily add (or remove) those. Adding a bookmark to your current activity is for example as easy as tipping the connect button in the top panel, and then choosing "connect to current activity". It will then automatically be shown on your activity screen and "semantically associated" with the other bits of informations you have there.