Not quite that simple.
You can find out a lot more about FTM by going into the Family Tree Maker discussion forums under "Genealogy Software", or you can use this link:http://boards.ancestry.com/topics.software.famtreemaker/mb.a...
While you can create a GEDCOM file to download from Ancestry AND you can import it into FTM it doesn't really 'sync' very well.
I find it's impossible for me to enter data in one tree and then sync it to the other. I end up entering data into Ancestry and then uploading the entire / clean tree into FTM.
It's not a seemless process. But once your tree is in FTM you can then create and print reports.
There are other programs (free and not free) that can also import the GEDCOM file and will still allow you to print reports. I haven't used any of them so I can't advise one way or the other.