No. Not necessarily.
If you need to place a DIV within a TD, be sure you're using the TD properly. If you don't care about tabular-data, and semantics, then you ultimately won't care about DIVs in TDs. I don't think there's a problem though - if you have to do it, you're fine.
According to the HTML Specification
A <div>
can be placed where flow content is expected1, which is the <td>
content model2.