It depends on the model. Some mini DisplayPort models have video in. I believe the current 27" does, and the current 2.5" does not.
Stu, don't the current 27" models only support Thunderbolt in? The mux on Thunderbolt out can switch between Thunderbolt and DisplayPort, but my understanding is that there's no such mux on the Thunderbolt in, and it can only accept Thunderbolt connections.
http://support.apple.com/kb/ts3775