Is database access with PDO inherently secure?

[Albright]

The PHP docs seem to imply that using PDO as recommended (prepare a query, assign variables with bindParam(), then execute) makes it no longer necessary to do any sort of manual escaping with data. Is that indeed the case? Are there any security caveats or gotchas to using PDO, especially any above and beyond those found with the "standard" DB access functions for SQLite, MySQL, etc?

PDO still being fairly new, it seems kinda hard to find much concrete information about on the internets, so I'd appreciate any insight anyone could bring.

[Nameless12]

if you use prepared statements in pdo 100% of the time sql injection is impossible