Yes, you can and, yes it is amazing. It is one of the great features.

For example, a standard bar is 16/16, but for example you can set it to 18/32 which adds two steps to the bar. I have had to do this to extend a pattern to the length of a sample to stop it cutting the sample off.

Another great feature is the quantize. It can be set from 0 to 127, and it can be global, but can also be set for each track on an individual basis. Great if you like a slightly irregular feel but still want a bit of correction.