Oh yes it is.
Richard Rutter and Mark Bolton discussed what's wrong with web typography at South by Southwest Interactive. It's well worth downloading the MP3 recording of the lecture.
More details are available here.
Rutter picks up on some of my favourite issues in typography such as incorrect use of punctuation. He also makes an important distinction between word-art and genuine typography.
Interestingly, Bolton compares the poverty of web typography to that in the Sun newspaper. Despite the contempt in which the tabloid is held - and let's face it, the design is poor - it gets typographic style right.
Of course, it's worth noting that newspapers have sub-editors to correct the mistakes and get everything right. As someone who has just finished a hellish six day subbing shift I can tell you that it can be tedious work. But it remains essential.