True, if you want a clean profile and the highest attenuation. Under pitching increases yeast stress, leading to more yeast derived flavors. In the case of Belgian styles and beers where we want Conan's "peachyness" that may be a good thing. However, under pitching by too much may also lead to poor attenuation or a stuck fermentation.
I got plenty of peach from pitching a 1.25 L stir-plate starter into a 1.058 pale ale.
Ester production is actually negatively correlated with yeast growth: "[E]ster production is related to yeast growth but not in the way you might think. The key element to yeast growth and ester production is acyl Co-A. It is necessary for both yeast growth and ester production. When it is busy with yeast growth, during the early part of the fermentation, it is not available for ester production. Ester production is directly related to biomass production. Everything that increases biomass production (intensive aeration, sufficient amount of unsaturated fatty acids, stirring) decreases ester production... Low pitching rate can result in less esters. " - http://www.danstaryeast.com/articles/yeast-growth