I would have to say yes. A while back, I was taking a corner and dragging my knee, when I heard something more than just my plastic knee puck scrapping the asphalt. It sounded metallic. Suddenly, I felt my bike tip to the right a bit and the rear began to slide.
It was weird; everything went into slow motion... I didn't panic. I simply threw my knee out a little more, felt the rear tire regain traction, and lifted the bike up and out of the turn.
Afterwards, I surveyed my bike for damage, and noticed that my right rearset had contacted the pavement and had been grinded down a little. Fortunately, no other part of my bike contacted the asphalt!
My incident wasn't as dynamic as Colin Edward's recovery, but it just goes to prove that the training received from California Superbike School really paid off as far as enabling me to respond rather than react to this occurrence.