Yes.  You will be able to take advantage of the latest version of PHP if you require it.  By default we are going to be enabling PHP 5.x (preferably the same 5.3 version that is being used by Modwest).  If you want to take advantage of PHP 7, you can inform us when we contact you about the migration.  Otherwise if you decide to take advantage of that in the future, we just need to flip a switch within your account.