Yes, and the real question is why? Is his age preventing him from performing that balancing act? is the car's setup window not wide enough to allow that style to work? Is the lack of testing preventing the fine tuning required to make it work?
We should find out in 2012. Without it he's an ordinary F1 driver - one who is quick in the wet but a bit clumsy in traffic. Not a great qualifier but consistent in the races. We all would like to see more than that this year. It's going to be epic with all those WDCs, and I want the "real" Michael joining that mix.
As mentioned by others it is the EBD and the car characteristics. The throttle or exhaust blowing must remain open on corner entry, it is the quickest way around a track as it generates downforce on entry. It completely negates the advantage that Michael has over many drivers on corner entry and exit. You can't balance the car on entry because that will alter the optimum blowing under braking as I understand. So Michael only has one option and that is to maximise corner exit and you can see this on the onboard shots, especially at Abu Dhabi, it requires being accurate on entry and a slower entry speed to maximise a better corner exit. The front end isn't strong either as seen by the understeer visible on the onboards that Brundle and Coulthard commented on so corner entry speed has to be reduced for the optimum line. Overall Michael's style has gone more to corner exit speed in 2011.
The tyre characteristics don't help much either as you can't be aggressive on corner entry as that takes too much life out of the tyres, as seen by Hamilton, which again doesn't help Michael much. The steering inputs have to be small on entry and effectively done by corner exit.