Unfortunately Dave, this is no longer true.
In Leopard, TM used to offer to warn before deleting backups. In Snow Leopard they changed this to: "Notify after old backups are deleted" (my emphasis). There are messages about this change all over the place.
Now I know it's not really your job to fix all the problems that Apple's created but, as a user, just checking the box as you suggested is not really an option any more.
By the way, I see that there's another thread started by Rob that more closely matches this topic (though your response was the same).
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