Different Ringtones...

in short yes!

you can assign different rings to different contacts, you can assign different sounds to different events which includes texts versus calendar alerts.

you can have ring set to vibrate only but still get audible sounds for other events.

each notification event has a tick box for playing sound or not along with a drop down to select the sound, a tick box for displaying a message on the screen, and a tick box for vibrate.

a couple of the notifications dont allow the message to screen such as active sync since something else is displayed on the screen anyway.

also some notifications have the option to flash the light thats around the middle bottom button.