From my experience of being a cheapskate and waiting till the last moment on gassing up, yes. The light will come on as pointed out above, right around 2.5 gallons. It may go off when you accelerate, and back on on downhills or stops, probably from the gas you have left shifting between sides of the tank. Once the light is on constantly, you're looking at ~1.0 to 1.5 gallons left, which is just about as low as I prefer to ever go. At this point, I've seen the actual guage needle a good 1-2mm below the bottom of the E mark. That range right around the E mark can end up representing 3-4 gallons it seems.

My rule of thumb when the light comes on is that I have a safe 20-mile range to find a gas station before I might start to sweat a little.