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Yes, if the opposing player has 4 to a flush with 2 cards to go, he has approx 40% to make the flush - assuming you have none of the flush suit. Reduces down to 36% if you have one of the flush suit (disregarding the chance that you draw a better flush).
I'll take them odds any day. In fact, I usually do...a lot of the players I play against (penny-NL) value flush draws insanely high, like this fella. It's fun to take their money 60% of the times, and the other 40% you just have to congratulate them on a good hand and hope they do it again.
Perhaps if you're prone to tilting on a beat like that, you shouldn't play the hands. But from an odds point of view, you should play.
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