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No. The apps are targeted to a version (like 2.1 or above) and the devices below 2.1 don't see the app in the market.

If your OS version isn't supported, you can't see it in the market or download it.

The in-device market app won't see unsupported apps. If you go to market.android.com you can see it, but you will see a note telling you if some, all or none of your registered devices supports it, and an option to install it on one or more of them, so when you do upgrade or get a new device you can push any apps you've bought or installed previously to it.