You certainly can. It's been a standard feature in PDFs for a long time. It's just that the PDF has to be created to that standard. Good chance the forms being generated by Acrobat is not conforming to that standard to discourage use of 3rd party readers.
I've encountered PDF's that simply don't work in Preview by design -- as far as I've been able to figure out, Preview won't run JavaScript embedded in PDF's for instance.
But all my experiences with filling out forms, makring up annotations, and all that jazz has been totally on par with Acrobat Reader. The same tools are present and all seem to work generally the same way.
What specifically have you run into that is poor in Preview?