GolfScript (23 chars)
~:^,2>{^\base[4]/,~}$0= or
~:^,2>{^\base[4]/,}$-1= or
~:^,2>{^\base[4]/,}$)\; Note that this takes input from stdin: for a fair comparison with Howard's GolfScript version subtract one char.
Howard points out that the rules have changed, and it's not very logical that they now exclude 4 as a possible input when it has a valid output (any integer greater than 4). To cover that case as well requires an extra 2 characters, which can be added in all kinds of ways:
~:^)),2>{^\base[4]/,}$)\; or
~:^,{))^\base[4]/,}$)))\; being a couple of the obvious ones.