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Yes, I think so, but not at the beginning of the project.
One thing that has been neglected in the recent debate is that probably the most common reason for writing open source software has nothing - or very little - to do with recognition. A lot of software is written simply because the writer needed the software, or needed to write it to train himself in a particular language or protocol. Most free software got started because the author needed it to solve a problem, or needed to write something for class, or wanted an excuse to learn a language or toolkit. The idea of releasing the software is then a decision taken after the fact, with the realization that the program could be useful for others as well.
My understanding of the motivation of open source developers is that they start writing software to solve their problems, and then releasing it on the web on the "pro bona" basis so that other might also benefit from it.
As people have brought up, other motivations arise - sure, very common one is the desire to get the respect of your peers, but other motivations can be as strong. Among them the desire to practice or improve your skills, the fun of accomplishing something cool which you've set your mind to. Usually motivation is some complex combination of these motives and others - depending on the person and the project. It's important to understand that peer-respect related motivation is not the only and not universal, some people does not care about getting the respect of their peers.
But writing is one thing and maintaining quite another including providing functionality beyond what one needs from the program. It becomes the author's "child", and not only fun but a burden and here peer recognition is a very important part that should be overlooked. See also discussion of Slashdot Editorial: Fame Ego Oversimplification!
Society
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Bulletin:
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