Yes Allan, it's just a tale we tell out old wives. 'Sorry dear, I can't do the garden, I must spend the next twenty years playing my nice new guitar.' :-)Seriously. No it isn't. As I understand it, the wood drys over time, and settles into the tension that the strings place on it. Playing improves the resonance of the wood in this new state, and over time the sound quality 'blossoms'.
I'm sure one of the experts will fill in more details on the subject.
Brian