Yes, but Bitcoin wasn't designed to be a micropayment system, per se.  That may or may not (more likely not) occur using less common transaction types, such as using a single send-to-many transaction for weekly payroll or a household's monthly bills.

That said, the minimum transaction fee has been repeatedly reduced as the value of a bitcoin has increased.  I expect that the transaction fee will drop back down to around a cent or less with the next client code update.