I am going to go ahead and say no. People make a career out of researching the importance of different vitamins and their effects on one's physiology and metabolism. While everyone is certainly going to have there own needs and daily recommended levels are an average, I highly doubt that most of us need 10 times that amount.

A good article to check out is the following from the Harvard School of Public Health:

http://www.hsph.harvard.edu/nutritionsource/vitamins.html

Not ALL vitamins are the same. The cheaper multivitamins, or any supplement for that reason, usually have binders, fillers, colors, etc. added in for manufacturaing. The problem is that the weight of the product is what it is measured to be, but the elements in the product are not as listed on the supplement facts panel. It is important to look for a multi with one of two things on the label: GMP seal, or third party assay, or both. GMP are general guidelines set by the FDA, and a third party assay means that an independent, unrelated company can examine this formulation to make sure it has the nutrients as listed.
It is true that the body does not absorb each and all the nutrients in a formula, however, it is important to get them as many Americans are more depleted than they believe they are. Athletes, in general, tend to be deficient in Magnesium and B vitamins. However, you may find that you want to use additional supplements such as CoQ10, Calcium, Omega 3s, or vitamin C.
Overall, it is the consumers choice in purchasing a supplement, but it is helpful to understand what makes supplements different.

Liz