Does a Vitamix replace a food processor and blender?

We're trying desperately to figure out ways to downsize in our tiny NYC kitchen, which is bursting at the seams. I've been meaning for a while to replace our old food processor as well as our blender, and was wondering if splurging on the Vitamix (which isn't THAT much more than getting a high quality new blender and a high quality new food processor) would mean that I can replace two appliances with one. So my question is, can the Vitamix replace a food processor? We certainly use both appliances often in our kitchen, particularly the food processor for chopping and shredding vegetables. So if the Vitamix can't do that kind of thing, it wouldn't be worth it for us, we'd still need a food processor. Anyone have any thoughts?