Yes, although you'll have to manually download them. Go to the App Store on either your Touch or in Itunes, go to the 'purchased' tab and it'll have everything you ever bought in there. Simply click and download the ones you want again!
just realised that i have bought the apps not trough App Store,but through iTunes
when i manually such them ,i can see which one i have already purchased as it says that i have downloaded before,but i have more then 40 app which i don't remember,where can i see all the app i have installed on iPod before the os5,as now i don't have any apps
thank you