Yes, and I have it working on two different sites in two different languages. The only catch is the matching of the ads seems to take longer and is not as well matched.
Jenstar
6:20 am on Jan 29, 2004 (gmt 0)
If your dynamic pages use session IDs without any sort of mod for googlebot/mediabot, AdSense will not be able to provide targeted ads, since it will see each URL as being unique with the SID attached.