Yes, it is, and it is currently working. See A List Apart for an excellent article on Ryan Seddon. According to the article, Chrome 4+, Safari 5+ and Opera 9.6+ support all the features. (It also includes an example .)
Quote from the article, you can do things like:
input:focus:required:invalid {
background: pink url(ico_validation.png) 379px 3px no-repeat;
}
input:required:valid {
background-color: #fff;
background-position: 379px -61px;
}
And when the input checks, one icon will be displayed, and when it is invalid and focused, it will display another.
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