Sure!
Short answer:
The ACS mode entails Authentication, Authorization, and Accounting as well as Inventory.
The non-acs mode using TACACS+ or RADIUS entails only Authentication.
You can do either using the same CiscoSecure ACS server. Both have positives and negatives.
IMHO, the larger your installation the less likely I would do the ACS mode just for performance reasons. I use the non-acs mode but with TACACS+ on CiscoSecure ACS on 2 clusters of LMS 3.01 10K.