IMO it can if it creates micronutrient deficiencies and/or suppresses energy levels to the extent that daily activity declines significantly. This is most likely to occur for someone who isn't far off a healthy weight - i.e. someone who is moderately overweight or moderately overfat rather than obese.
F 5 ft 3. HW: 196 lbs. Primal SW (May 2011): 182 lbs (42% BF)... W June '12: 160 lbs (29% BF) (UK size 12, US size 8). GW: ~24% BF - have ditched the scales til I fit into a pair of UK size 10 bootcut jeans. Currently aligning towards 'The Perfect Health Diet' having swapped some fat for potatoes.