I believe so.
I was a member of the PMI for a number of years and have studied the Project Management Body of Knowledge. I also managed a number of IT Infrastructure projects over the past 10+ years. I see the key qualities of a good project manager to be the following:
– An effective communicator – up, down and sideways
– Highly organized
– A good motivator
– Good math skills
– Good relationships with the project participants and stakeholders
– Above all, the PM *must* have a firm grasp on project management concepts and best practices
While a good project manager should have a solid knowledge of the subject matter of the project (applications development, IT infrastructure, marketing campaign, building a submarine, etc.), he or she does not have to have an exhaustive or expert knowledge of the subject matter. For example, I have known very effective applications development project managers who were marketing project managers in previous jobs.