The short answer is no.

Here are some things to do and think about:

The case you opened with is easy to visualize, where the wave is exactly at 1/2 the sample rate. Try a more complex case. Use a piece of graph paper and draw a 15kHz sine wave on it. Now draw vertical lines to represent the sample points at 44.1kHz. Now, either transfer those dots to a second sheet or connect them with line segments or something to show the resulting sample data more clearly. The result is a ghastly looking mess, yet the wave can be recovered.

The human ear responds to tones up to roughly 20kHz, tones being sine waves. Any tones higher are (to most people) not audible.

Obviously there will be some errors due to quantization and some problems due to flaws in the actual implementation, but it seems like the Ultracurve has a good implementation since it measures very well and has a lot of very favorable listening tests behind it as well.

I'm looking forward to trying them out.