Absolutely. Remember the MySQL authentication bypass vulnerability¹, where a blank password would succeed to authenticate 1/255th of the time? This reminds me of that.
I agree. Postgres is one of the most well thought out DBs I've ever used. They are slow to add features but when they do, they are done right with lot's of attention to detail. Everyone makes mistakes.
1: http://thehackernews.com/2012/06/cve-2012-2122-serious-mysql...