To expand a little more....
Yes, the outboard pad assy will fall out when you remove the two bolts. But the inboard assy rides on the caliper's two large guide pins. You can pull the caliper assy inboard far enough to get the guide pins clear, but if you've got aluminum brake lines, you're likely to bend them somewhat when doing that.
So, yes, it's do-able. If you're not planning on servicing the bearings, go for it; just be careful not to kink the brake lines.
Charlie