Yes.
Each event declaration will change, inserting a new parameter "Index". When the event is fired, the index parameter will indicate which lement of the array the event has come from therefore allowing you to respond using the same element.
With your original multiple instance method, you would have had to replicate each of the event handlers for each of the MSCOMM instances, with the control array, you have only one instance of each event handler.
I hope this clarifies things for you.