I assume you are asking about Bitcoin-Qt?
Yes. Sorry the lack of details. I am actually on 0.8.2rc.
Just in case you beat the odds and generate an address already in use.
Sounds like a bug as the chance of this is extremely tiny.
Would be fun, although as they say, you have better chances of winning the lottery, it will be once in a human(race) lifetime to generate an existing address and play around with supposedly thousands of coins