Yea. Basically, you could breed two pets of the same species and get a new one of the same species. Trans species, Idk how that would work. Obviously they wouldn't show their love until you get an egg.
I like the breading idea better. Instead of breeding pets, you could bread them and open up an interplanetary fast food chain.
According to the new picture on the homepage, it seems as if the smaller cats are baby cats. That help you out on if there will be breeding?