Yes. And in fact, that might be one of the best ways to view that lens: not as a macro-subject lens, but instead as a lens of normal angle of view that just happens to focus very close. Have you read the Ken Rockwell review of the 40/2.8?
I have used the older 45mm f/2.8 P-Nikkor manual focus lens as my "normal" lens, off and on for almost 10 years now...it's an interesting prime lens zone...not a 35mm lens, not a 50mm lens...but in-between.
Years ago, at one time I owned only a 35mm SLR and a 58mm f/2 manual focus lens, so the angle of view was about the same as the 40mm will be on an APS-C body; the difference might not seem like much to some people, but the 58mm or 60mm Micro-Nikkor on a FF field of view is really a great, selective angle of view...it doesn't seem like it would be much different, but those extra 8 to 10mm longer, from the 50mm point of view, means that it's easier to selectively show "things" in the world. The angle of view of the 40mm lens will make a very handy everyday lens!
I think one of the stronger areas for the 40-on-APS-C or the 58 or 60mm on FX is in environmental portraiture/documentary/scenic pghotography, where you want to show a person, or a "thing" of some type, or a location, with both a little bit of background or environment, but also in a somewhat semi-selective way.
Again...it's hard to put into words, but the little bit narrower angle of view we're talking about is in-between telephoto and the semi-wide-angle, and it just....works! For many subjects and many situations where you do not want that narrow, selective telephoto look, but you also do not want that small-background-everything-far-away look of a wide-angle lens length.