It seems to me that it does. I am only in my 3rd season or so, and tried this once since I didn't get all the starters I wanted in the draft. It didn't work well for me, despite having both Nathan and BJ Ryan, thinking the other team would have basically 6 innings to score runs.
In my current league, one guy (27-42 = last) has like $17M wrapped up in Lidge/F-Rod/Hoffman. Another (31-38 = last) has $23M invested in Gonzalez/J Rincon/BJ Ryan/Hawkins/Donnelly.
Some thoughts:
-HAL does pretty well with cheap specialists as opposed to a $5M+ BJ Ryan. If you just need one or two LH batters put away, the options are numerous, effective, and at a low, low cost. Same goes for RH "middle relievers".
-Obviously the $$ is therefore better put to use elsewhere (how about offense?).
-HAL likes starters to eat more innings that what you might think when pouring all this dough into your pen, even on slow hook.
-Even if you have a mediocre $1.75M starter set on quick hook, a lot of those hooks will come in the 4th or 5th after a 3-run jimmy-jack, putting the score at 5-0.
-HAL seems to do a little better with less choices to make in the late innings (8th & 9th). SO, one really kick butt closer who can go 2 innings and get either RH or LH batters out, is less taxing on HAL's limited intelligence.
I know some have had success with the BIG PEN approach, but my guess is that their starters are well chosen vs division, some of the best less expensvie starters (Bonderman, N. Roberston, Penny), and are typically on a short leash.
I for one, will not pour $15M+ into a pen ever again. I'd rather have one GREAT closer, plus SIX (!) cheap specialists, and five starters.