Short version: Kinda, mabye.
There is a threshold for triggering the 'ignore click' logic. Some multi-clicks will be counted against you. (I.E. User sees ad, clicks, goes 'back' and clicks your ad again a few seconds later because they didn't mean to go 'back')
That said, the logic is _not_ foolproof. One of my clients got hit by a 'click-agent' using some 'advanced' tactics. It took a few days of back and forth with Google, but he did get a virtually complete credit.
(I won't go into details, no need to encourage this)
But my best advice -- if you're going to advertise with a high CPC, or in keyword(s) that may lend people to attempt false-clicks:
1. Keep good logs from your webserver. Absolutely MUST include referer. Also make sure your clock on your webserver is VERY accurate. (I'd keep it ntp-synched -- it helps to match up clicks between Google's logs and yours)
2. Monitor your inbound adwords traffic carefully. Look for unusuall patterns. Use tracking URLs and search for common IPs popping up often. (Exclude all of *.aol.com -- the proxy servers will throw you off here)
3. Decent analysis of your traffic will help you identify questionable clicks.
4. Don't call Google every time you get hit with 2, 3, 4 etc. clicks from a single IP. If that 4x clicker represents 10% of your clicks/day then mabye, but if it's .01% of your daily click traffic, don't bother. Some multiple-clicks are semi-normal. Your analysis may tell you just how normal it is.
5. See number 2.
6. If you see a serious click-increase you suspect may be abuse of the system, pause your ad group(s) affected and contact Google immediately. Give them a chance to reply, but let them know you will resume the adgroup(s) after X-hours. (This is what, IMHO, got my client his refund. He disabled the campaign about 3 hours into the click-attack, when he got his midnight report. It was disabled for about 13 hours while he started the dialog with Google. Because he took an active role in trying to stop the abuse Google was much more willing to help him.)
If others have suggestions (or comments on mine) feel free to jump in.