Yeah, eventually. PopCap games is adding some free DLC soon to the game to add "Duel Mode" where you can battle it out head-to-head locally or online. I haven't tried out the multiplayer yet in Peggle 2, but if it's anything like the first (Peg Party I think it's called)... it's basically you go and try to get the highest score, most bonuses, etc amongst up to three other players - each on their own separate board of pegs. In the Xbox 360 version of the original Peggle, after you were done shooting, you could see the screens/boards of the other players in your match that still have a ball in play, and see how they are faring. It could get fiercely competitive and, for me, a bit nerve-wracking while I was hoping an opponent's ball would miss that last peg or not fall in the 100k slot
At the end of every round, there would be a giant score board with a colorful bar chart to compare each player to the next, and update ranking accordingly.