No, it can't. It's actually bad. The iPod didn't have scrolling that was so close to non-functional that one of the few extensions available is solely for the purpose of replacing it with something else. And that's hardly the worst problem with Wave at the moment: waves that aren't short quickly become hideously slow (it took >1 minute just to open one long wave for me, and it made the interface unusably slow afterwards), deletion and archiving take a long time and aren't conveniently placed, replying and threading works by some odd method of moving the mouse around until one is in just the right place and a little highlighted rectangle appears (the Reply button doesn't thread properly), settings are entirely broken, and so on...
And, of course, we shouldn't forget the development problems. The API is getting better, but is still woefully inadequate. Robots have to use Google's App Engine, which is terribly limiting: I've been unable to do any of the robots I had planned because Google hasn't removed this limitation. And, of course, there's the issue that one is limited to writing only ten robots, and can't even delete old ones.
And the server issues too. There's been quite a bit of hype about federated servers, but for the foreseeable future, Google Wave isn't federated with any other servers––not even Google's own Wavesandbox, where new developers who joined after Sept 30th are stuck, unable to get access to the production server. Some other people have played with the server, now that it's open source, but all that is rather pointless without a client, and there's no serious client available. For that matter, there's no client except the webclient usable for Google's servers, apparently.
If the implementation improves, it will be wonderful, but at the moment, it's hardly usable at all.