Yes, you can create workflows for SharePoint lists in SharePoint Designer, but they aren't the most robust workflows you may need for your organization.

SharePoint (MOSS and WSS -- does offer some out of the box workflows, but there are basic. You can add new workflow by creating them in either Visual Studio or SharePoint Designer.

SharePoint Designer workflows can be further customized with logic built-in. Visual Studio workflows have the most customizable features with more custom logic components.

With Office SharePoint Designer an individual (such as a business analyst or middle manager) having a firm grasp of the business process to be automated can author moderately complex workflows.

Microsoft on Monday gave notice that it will be ending support this year for the 'workflows' component of SharePoint 2010 Online, as well as deprecating that component for SharePoint 2013 Online.

SharePoint 2013 workflows for automating common business processes can be deployed as SharePoint apps built using Visual Studio.