No, if TimeMachine screws up a file it stays screwed up for ever after every backup, there's no integrity checking. It also completly barfs on large files that change little by little. The best example of that is the entourage mail store, but any single file db will do. I've seen clients bit bad by these problems. Don't get me started on the time capsule...
What should we use instead?
Linus's solution is to write software that people run and use daily.
Point your Time Machine backups at a NAS that's using ZFS with block-level deduplication.
Option-click on the Time Machine menu to verify backups. Sleep well.