I don't think so. Like a few pps said, they NEVER take into account the manufacturing process of the diapers. Disposable diapers have to be made (which involves energy and resources to cut down trees, turn them into pulp, and ship it to the factory), the chemical inside has to be manufactured and shipped to the factory, and of course, water is needed to wash away the excess dioxin and put it back into our water supply.

Then the diapers are made, packaged in plastic, then in bigger boxes, then on pallets, the put into a truck and shipped thousands of miles away. Then millions of cars drive to the stores to pick up the diapers (and no, many of those trips are not combined into other shopping trips...most people I know make special trips for diapers because a pack never lasts as long as you think it will). This process is repeated about 150 times for each baby.
As compared to cloth. Most people buy around 3 sizes of cloth diapers. The cotton or hemp or bamboo is harvested 3 times, not 150. It is shipped to the factory 3 times, not 150. PUL and other poly materials are only manufactured 3 times, not 150. It is shipped to it's supplier 3 times, not 150. It is shipped to you (or you pick it up) 3 times, not 150. Then you use enough water to wash them that it is comparable to if the child were potty-trained and using the toilet.
People are grasping at straws when they use this argument. Maybe many don't realize that the manufacturing process counts...really! Just because the consumer doesn't use the water and resources doesn't mean the water and resources aren't being used.
I use disposables about half the time and don't worry about it personally. I almost have to use them because of DD's medical situation. But at least I don't try to pretend it's GOOD for the environment! I do other things to help make up for it, like make and reuse my own chux pads instead of going through 2-3 boxes a month of the disposable ones. Because I truly believe washing them has nothing on how much water and resources it takes to get 2-3 boxes of chux pads to my house!