Yes it can! The only issue is that you have to keep the edger "pointed" toward the center of the circle or oval and not tiltled. Just think of an imaginary line pointing to the center!
Here's an oval done with the corner rounder:
Cutie Pie -n- Whimsy Organizer by lbirus at Splitcoaststampers
One thing to know is that the scallops don't always come out perfectly even so be prepared for one wonky one last (if you look closely, you can see it at the bottom right side of my oval). I just try to position the last one in a spot where it will be less noticeable or a ribbon will cover it:rolleyes:!