Yes, definitely. But even better is the way it's gotten my students fired up; they've been working harder for the last week and a half than I've ever seen them work before.
Looking at the math, her falls alone were not worth the difference in scores between the US and China; China still would have won Gold. However, that's assuming that there were no other deductions resulting from the mental shakeup from those falls. My opinion, had Sam Peszek and Chelsea Memmel not been injured AND had Alicia not fallen, the US would have won gold. But either of those things on their own would not have made a difference.
I actually love the new scoring system (though this seems to put me in the minority among coaches). Under the old system, there was a cap on difficulty. In other words, once you reach a certain threshold under the old system, there is absolutely zero gain from pushing the boundaries and trying anything new or risky. The new system really encourages gymnasts to push the limits.
That said, judging so far in beijing has been a joke. Alicia should have won bronze on vault. Shawn should have won gold on floor. Nothing quite so blatant yet (at least as far as I've seen) on the men's side, though I still think the US gymnasts are being under-scored (though admittedly, China has truly deserved all the medals they've won on the men's side; they're unbelievable)
EDIT:
It's definitely up there for me.