13 Aug 2007
08 Sep 2011
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If you're on v4.2 (4.2.1650) it should be. In the backend click on Ecommerce >> Products. Then you'll see a screen similar to the screenshot attached.
On the left, click on the "Create a..." you should have several products there already like 'MP3' or 'software'. Those are downloadable aka non-shippable products. On the right side of the screen you can select 'Manage product types' to create your own 'non-shippable' product.
At the moment a 'downloadable' product is the same as a 'non-shippable' product.
As far as I'm aware of the near future, it's up to the developer to program the logic to actually 'do/make available' the download once the product gets sold.
The support answer to that will probably be something like:
"At the moment you can select the option to add a buyer to a customer role. Once the user buys the product, (s)he will automatically be added to that role. You can create a page with a download link on it, which will exclusively be visible to users of that role"