Yes, and with the Capital One-type programs you even earn miles on the free tickets (because they're paid tickets as far as the airline is concerned...just not paid by you). These can be a terrific deal if, for example, you're interested in European off-peak travel when fares are cheap but awards still want beaucoup miles. The one drawback is that the tickets come with all the restrictions of paid tickets - advance booking required, must stay Saturday night, charges for changes.
Of course, most of us have plenty of airline miles to use when that's appropriate to our needs, so CapOne can be a good adjunct for the times we can meet the restrictions!