No, shaders and deferred rendering fixed this. Shaders mean you could design anything you imagined and not use the old deprecated fixed function OpenGL that only supported 4 lights.

Someone figured out deferred rendering which was a new technique that allows lots of lights. Lots of games use it. I believe one of the first was Killzone

http://www.slideshare.net/guerrillagames/the-rendering-techn...

Here's a live demo of deferred rendering

http://threejs.org/examples/webgldeferred_pointlights.html

It's using only OpenGL 2.1 features (which is all that's needed to emulate OpenGL ES 2.0 which WebGL is based on). To do deferred rendering efficiently all you really need is support for multiple render targets.