Yes.
In 3e, one could, with careful preparation, beat save or dies (death ward, spell resistance, fatespinner reroll powers, etc). Saves or dies are bad, but can be beaten. Resurrection was also common.
In 4e...I don't like the roll against static defense for Save or Dies, but there should be a few monsters and high-level, extremely powerful wizard spells that can slaughter you badly, requiring an orphean quest. Most of these effects (necromancers having mastery over death, turning enemies into toads, petrification) are legendary, and should be scary.
However, to balance out all the phantasmal killers, having PCs with a 1/day +20 to any save would not be inappropriate.