Absolutely! Though would you still consider yourself a "senior" developer, if a "mid-level" or "junior" starts working with you and happens to exceed your skillset in very noticeable ways? I know I've hired some exceedingly excellent programmers that made me feel rather amateurish!

I guess what I'm trying to say titles are fairly arbitrary - and yes, the system is in need of a little shake up! Enjoy the perks the title brings, and stay humble :)