Never tried, but I suspect not, because the IP printer protocol appears quite limited -- in particular, seems that comms only go from computer to printer; no comms from printer to computer. So printing might work ok. Faxing and copying -- you don't need to use the computer for these activities on the models I've used so they should be ok. But I wouldn't expect the scanning to work at all.
If the multifunction centre is network-capable, you could plug it into the airport using RJ45 rather than USB and that might work... never tried myself but I want my next printer to be a network-capable MFC so I'll guess I'll find out then. My backup plan if that doesn't work is to plug it into the Mac Mini media centre that I expect to have in my living room by then...
The following excerpt is from
http://ietf.org/rfc/rfc2911.txt?number=2911
IPP 1.1 semantics allow end-users and
operators to query printer capabilities, submit print jobs, inquire
about the status of print jobs and printers, cancel, hold, release,
and restart print jobs. IPP 1.1 semantics allow operators to pause,
resume, and purge (jobs from) Printer objects. This document also
addresses security, internationalization, and directory issues.