Yes, to some extent.
You can't customize the syntax highlighting, and so forth, as you can in Visual Studio, so at the moment it's not possible to make source code in .NET Reflector look the same as it would in Visual Studio, however you can change the font, which is useful if you prefer to view code using a fixed width font, rather than the default, which is variable width.
To do this click on View > Options on the main menu bar, then on Appearance, and then choose a new font from the Code Font drop-down:
You can see the results of switching to the Consolas fixed width font here:
The ability to further customise the appearance of the decompiled source code has been added to our list of potential future enhancements.