Yes, if you can put your feet down flat and still sit on your saddle, you're either riding a recumbent, a Townie (semi-recumbent), or your saddle is WAY too low. I can just touch down my toe on the saddle, and I actually keep my saddle a hair lower than "recommended" due to knee pain otherwise and a slight leg length discrepancy.
Emily
2011 Jamis Dakar XC "Toto" - Selle Italia Ldy Gel Flow
2007 Trek Pilot 5.0 WSD "Gloria" - Selle Italia Diva Gel Flow
2004 Bike Friday Petite Pocket Crusoe - Selle Italia Diva Gel Flow