No. There were Emperors whose rule was bad, unwise or at times even dominated by madness, but all were true Emperors. As I said - it's about metaphysical, yes even divine, stature, literally.
That's an interesting point, Nalion. There are cultures in our world that have claimed the divine right of kings, but in the Mundus it's a reality, not a claim. Maybe the fate of the Septims is similar to the Chinese belief in the Mandate of Heaven. When a dynasty loses its mandate, an era ends and a new dynasty arises.
http://en.wikipedia.org/wiki/Mandate_of_heaven
After reading the above article, I guess I'm wrong: "Heaven would bless the authority of a just ruler, but would be displeased with a despotic ruler and would withdraw its mandate." This is different from TES, as Nalion points out.
However: "The Mandate does not require that a legitimate emperor be of noble birth, and in fact, dynasties were often founded by people of modest birth (such as the Han dynasty and Ming dynasty)." This is true in TES also, as far as I can see.
Anyway, it seems like a good point that Nalion made.