Yes and no. The phone image is read-only by default, with RW areas for user data / tmp / logs etc. You can easily make the RO portion RW, and then apt-get or dpkg install random packages. However the caveat is we never test that scenario, so if you break it, you get to keep the pieces. You can then re-flash it to get out of this of course.
That still sounds far nicer than Android...
Shame that this phone has such a low res screen or I'd be tempted.
If you want higher res/better specs, check out the Meizu MX4