Does pg_dumpall support BLOBs?

While trying to find the answer to this question (does pg_dumpall
support BLOBs) I found some old mailing list posts that said it does
not support blobs because it does a plaintext dump, and that means it
can't do any BLOBs.

Is this still the case with recent versions of postgres (i.e. 8.2), or
is there now a way to encode BLOBs into an SQL text file?

Thanks,
Dobes