An interesting thread on Alex's DBMS_ASSERT paper
dbms_assert" and given details of 36 bugs reported to Oracle using this technique including bug numbers.
For me I dont thing the semantics of whether its a generic bypass off DBMS_ASSERT or not matter. The fact is its possible to bypass DBMS_ASSERT, Alex has found over 36 examples of exploits using this technique in 10.2.0.1 (you need access to a PL/SQL unwrapper to be able to locate these bugs easily in the 10gR2 PL/SQL built in packages reported to Oracle. It is a bypass technique and it works and previously fixed bugs can be exploited still.