No. The objection is that if you are in a huge underground vault (no intervening walls), and 100 feet away there is a guy with a torch, a strict reading of the rules would say you cannot see the torch. You are outside the torch's light radius, therefore standing in a heavily obscured area, therefore blind and unable to see anything.
This is an absurd outcome. A light source should be more visible in darkness rather than less. If you are close enough to see the torch in daylight, you are close enough to see it in the dark. More generally, whether you can see a given thing at a given distance depends on how well illuminated that thing is, not how well illuminated you are.
The cause of the problem is that D&D is using the obscurement rules to handle both darkness and fog. In reality, the way darkness affects vision is quite distinct from the way fog affects it. However, I'm pretty okay with leaving this one to DM judgement and common sense.
