Yes. A while ago Apple changed it so when you see an app you already own it says "download" in iTunes or "install" on an iDevice, rather than "Buy Now". Although, you could long before that hit Buy Now on either, and hit okay to pay and that after a while at the home screen it'd say: "You've previously purchased this, you can download it again for free" and you don't pay.Is this new then because I lost some apps when I was experimenting with jailbreak last year and I was told I would need to repurchase, is this still not the case. I know that if you have backed up to iCloud you can re-download but I somehow doubt he is in the cloud yet.
Now, you've got a Purchased section in iOS 5 and in iTunes, where you can re-download your music, apps, and TV shows for free. Perhaps not in all countries, but I'm pretty sure in most of them. (Although you can still re-download apps the normal way, as I detailed above, unlike music which prior to this you would be charged for again.)
In Australia, I can re-download my music and apps. I've not tested TV shows though. (EDIT: it does not seem I can re-download my TV shows, which might be because I'm in Australia, we only got the ability to re-download music a while after the US did, so hopefully we will soon.)