Yes you can. Its a very valid workflow for organizations that have Intergraph based workflows.
Terrashare ingests and stores the meta information from the DMC cameras and the Intergraph IS* photogrammetry products and handles management of the distribution of different files. It can also be used to manage the processing of imagery into orthos etc and has some dissemination capabilities for the generated orthos. The images them selves are stored as files on disk. Terrashare enables the export of ISAT project files that contain the interior and exterior orientation parameters, camera calibration etc, either directly from the IMU or the result of Aerial Triangulation. These ISAT project files can be used as input to Image Services Definitions (or Mosaic Datasets at V10). Importing these enables the Image server technology to On-the-fly orthorectify and mosaic the imagery. The big advantage being in the time between image acquisition and use is reduced and no additional storage is required. ArcGIS can also handle the 12bit JPEG compressed imagery that is often used for compression of this higher bit depth imagery. My recommendation (if space is an issue) is to JPEG compress the Pan Image, while leaving the MD image (which is much smaller) uncompressed. The use of such image servcies can be of significant benefit for time critical applications as well as QC. IE you can create such a service very quickly after flying and then update it as other processes such as AT are performed. The fact that the technology performs such process as PanSharpening on the fly can considerably reduce disk storage. The on-the-fly processing enables the creation of multiple products such as False Color IR and NDVI. You may already have workflows to generate orthos that are certified by some process and wish to continue to generate these. These resulting orthos can naturally also be served quickly to a very large range of users both using WMS as well as Image Service that provide capabilities such as compression for transmission, dynamic mosaicking to control the overlap of the imagery and detailed metadata. What you need is ArcGIS Server and the Image extension. Note that in V10 the capabilities of reading in ISAT files and creating Mosaic Datasets that perform on-the-fly processing are part of ArcGIS Desktop. You would still require ArcGIS Server and the Image Extension for the serving of the imagery.
