Yes you can and it is great. I have had the opportunity to use the proxy tables
quite a bit, and they do exactly as they indicate. You can now directly
reference, including update if you have things set up properly, tables and
rpc's on other database servers.
One issue is that of security. Make sure you set up the login mapings via the
sp_addexternlogin procedure.
Also, cross server (sybase to sybase) transactional consistency is available.
I've tried it and it works.
Finally, if you want to push the envelope, try using the rpc to table mapping.
Now you can treat the results of a stored procedure as if it were a table,
including creating a cursor based upon the results of a select inside a called
stored procedure.
Hope this helps.
Marc