To answer your question, NO.
She can not act. She can not say her dialogues properly. She is nothing but a beautiful face who has access to Salman Khan's heart and thereafter she can cry and get any movie she wants. Sometimes I feel Salman does not do justice to some others who are far more talented and need his support. But that is Khan for you. Dil me aayega, samajh me nahi..
Salman had chemistry with Rani, Preity and even Karishma. Katrina is not a patch on these beautiful and talented ladies. She looks good with Salman and thats that.