Absolutely. When we re-did our kitchen we went from the old, big, ugly cans to mostly 12v units of track lighting and mini-cans. We use 50watt PAR-16s and I get the widest flood pattern available--You can get very wide or medium wide floods. Or you can get wide or narrow spots. With everything on full you can practically get a sun-tan!
We also re-did our house office as it's directly off the kitchen and in there, the 50w units were too bright and I put in 35w floods instead. Much better.
The only real drawback I see to 12v is that the bulbs are a little harder to get and quite expensive. Also, switching to fluorescent doesn't seem to be possible (although 12v fluorescent lamps exist for portable use).
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