Sort of - I don't think that the web templates and CodeDom are there like they are for VB/C#.  It's also kind of a mess going between managed and unmanaged code, which you'd be doing extensively if you want to use the System.Web namespace.  Managing references on the managed heap is an extra hassle that has a fair amount of complexity.  To top it all off, the support for the managed C++ extensions has been lackluster.