Sudhrity,
Yes RA can definitely be used for automating Salesforce Deployments. We have been using it and setup reusable release models for pushing code and configurations for our deployments in GIS ( CA's IT organizaiton )
When we started using RA back in the begenning of the year, we did not have Salesforce specific actions , and we had to depend on scripting using Ant. Now we have RA provide SFDC specific actions that would ease the creation of the Release models and also there is a very cool action called Discover Metadata that can be used to automatically discover the changes in the metadata in the source organization, apart from this there are actions for Retrieving the metadata after discovery from the source organization, Deploying the metadata in the target organization. There are more actions that would come up in the future.
We have a continuous integration process built using these actions as building blocks to discover the changes from the source organization, and continuously bring the changes to a integration environment. We automatically keep track of the changes and transport to the subsequent stages would be on demand with a click of a button.