Yup. Generally speaking, at least :) They're usually pretty close to dead on.
With mine, I had wonky periods...so I could have been anywhere from 4 weeks to 16 weeks. First ultrasound placed me at 11...but because I come from a tall family (all over 6 feet) they suspected it could be as early as 10 weeks), 2nd seemed to indicate that they were dead on, and I delivered at 38ish weeks (but had had the "check please, I'm done" feeling that goes along with the last week or two of pregnancy for a few weeks prior to birth). To a 10lb little boy.
My nurse midwife cracked up, and said she was going to take the ultrasound tech by the ear. He was holding his head up on his own, had unusual muscle tone, would make eye contact, and DID NOT want his arms or legs bound in any fashion. "38 weeks, my a**" she said "Let's try 42." She was joking of course. Well, at least, I THINK she was joking.
An 11 week ultrasound, btw, makes it look like you're going to be delivering an "alien cat". No lie. I remember the terrible choice between laughing out loud and being horrified. I STILL crack up when I see those pictures. "Meow. Take me to your leader."