I can see the arguement either way... One one hand, it does, in practice does a remarkable job reducing camera shake in a good chunk of situations... But then again, depending on which lens and generation of IS being used, it may do a better or worse job correcting for shake in certain directions and angles and also, it's one extra mechanism in your lens that could impact the performance. And also you are entrusting a machine to look for patterns in movement and counteract those movements, and we all know the saying, if you want something to really screw something up, leave it to a computer...
But in practice it does a pretty good job, assuming you are working with newer IS versions, I think you should be good in most situations. But once again i'd err on the side of shooting with the fastest shutter speeds regardless if I can help it not to tempt fate and if I'm in doubt about the breaking point of the IS when it comes to a critical photo, tripod and or monopod is the best assurance.