Absolutely. One of my favorite performers (Daedelus) uses a monome for his live setup, and there's nothing on Earth like a Daedelus set. It would be exceedingly difficult (or essentially impossible) to specifically match or emulate what he does with a 'traditional' DJ's setup.

That's not to say that what he or other live performers do is inherently better than someone proficient with turntables, of course. He chooses a monome as his primary tool to achieve the type of performance he strives for, and for some, a controller like that is simply not the right tool. To me, it's all good — the hardware involved has little to no effect on how well a performer can match or exceed my expectations.