I don't think so. I realize this is almost a religious conversation, but I think banning calculators in math classes is an "OK" thing. My reasoning is that by the time a student is studying calculus, they should be *really* making the transition away from thinking of math as "about numbers". Calculus is primarily a conceptual and symbolic representation, and not really "about numbers". You could make the same argument for algebra. I don't remember ever having to do 532+612 for calculus or algebra. Usually the arithmetic is minimal in those classes.
Newer calculators are capable of symbolic algebra and even calculus. I think it is important to learn how to manually manipulate the symbols so you learn the underlying concepts. I see math, certainly math beyond algebra, as a kind of language, and I don't think you can learn that language without working problems by hand.
A physics teacher I had also banned calculators. When people complained, he always said, "the exam problems all use integrers, they all come out to simple fractions. You don't need a calculator. If you used a calculator I'd make the numbers more difficult, but it wouldn't change a thing -- you'd still need to know the physics."
I think he's right. Later, when we were solving "real problems" and using, for instance, real numbers off of steam tables in thermodynamics or something, we used calculators, but we knew the principles first.
That said, I think a good calculator is critical for technical work. I just don't think they help much for learning the concepts. When you move from mathematics to engineering, you need to good calculator.
Here is another story about having a great calculator (when I first got the HP48).
I'll also admit to being an HP calculator biggot. They are (were!) the quality of a precision instrument. They are intended for professional, some might say industrial, use. Prior to the HP49, they were over-engineered, beautiful machines. They had their own way of working (RPN, etc), and it was weird at first, but then you "got it" and NEVER wanted to use a "normal" calculator again. In my opinion, you owe yourself that experience. The machine is designed to be the best at its function, not to be like every other calculator and be used by someone without learning.
As an aside (and a bit of a rant), I think this notion of computers being usable without the user educating themselves is the bane of the modern computer world. It results in the tools being designed for the lowest common denominator.
The HP machines are NOT designed for the lowest common denominator. You have to learn to use them. They are designed to help technical professionals do their job.
One last rave about them. I don't know when this changed, after the 15c certainly and I think they did it through the 48, but HP had a unique way of designing the buttons on their calculators. The numbers and symbols are not painted on the buttons like everyone else does. The buttons are molded from multiple colors of plastic in a complex die that creates the pattern on the button. That means that the text on the button is molded in to the button and can't wear off! Amazing. They also have the best "button feel" that any calculator has ever had.
FWIW,
Jim