Yes. But you need to buy SATA drives and power cabel adapters to use it.
SATA allows higher burst speeds than good ol' UATA133, but in practice, hard drives aren't fast enough for you to notice a real difference right now. In other words, if you got UATA and SATA versions of the same model of drive, they would probably perform just about the same (though there could be a difference depending on whether the SATA controller is in the northbridge, whether the UATA drive shares the channel with another drive, and a bunch of other factors). Of course, some drives are only available in SATA (e.g. WD Raptor), but if they were available in UATA, they would perform pretty much the same as the SATA version.