I don't think the wifi only version will, but the 3G version will do sms/mms. I bought the wifi only version from Staples but took it back due to the poor battery life.
And it greatly improves battery life and performance.
Honeycomb 3.2
[ROM][R1] HoneyStreak HD7 2.0 RELEASE (3.2) - xda-developersverclocked 2.2
StreakDroid7 v1.3 (GPU edition) - xda-developers get about 6+ hours of usage doing 2D/3D gaming, internet browsing, and app usage.
Indeed it can..but... the hack is not quite finished yet. I've been watching this and things look to be coming along. Here are 2 links to the information.