I would say that yes, you can. I run and I cycle (outside) and I also ride an Exercycle occasionally. If I want to I can make that Exercycle workout hard, hard, hard -- definitely as hard as running and regular biking. You just have to challenge yourself.
With the recumbent bike, I think as long as you are willing to push yourself you can get as good a workout. Unlike a treadmill where once you set the speed, it will force you to stay on a certain pace, I think it's too easy on a recumbent bike to go easy since you are the one controlling the pace. The other thing you may want to consider if you have knee problems is an eliptical. It is also very low impact and personally I seem to get a better workout on it than I do on a recumbent bike.