Also, I wouldn't use CentOS on a VPS... I'd use Debian or Gentoo to achieve a smaller base system (disk space, RAM, loads...). But that's me, others may disagree.
Yes very much so.... centos is great on a small vps, there is one panel that can run centos and a complete panel on about 64mb of ram and it works well.... try that with debain or gentoo and let me know how it goes.