Simple answer - yes. My personal opinion is for Ales, don't rack before day 4 and don't bother after day 10 - just leave a couple of more days and then rack to your bottling bucket and bulk prime then bottle. For lagers, it's a bit trickier. I have only done three lagers, but from doing a bit of reading, I get the impression that, depending on the performance of my yeast, you should rack on days 7-9 then again on days 12-14, warm up for diacetyl rest, then lager for 4-8 weeks before racking to the bottling bucket.
There is good info on this at byo.com and howtobrew.com.
Cheers - Steve