That is the general opinion on the board (and has been echoed by adcomms I have spoken too).
When I started undergrad things were really rocky for me and I was working 50+ hours a week. Those things combined resulted in me not giving schol my all and not being able to finish classes. Those incompletes turned into Fs. I returned to school later and spent 4 years (or 90+ credit hours) at my undergrad gradutaing with a 3.92. However, because of my history my LSDAS GPA is only a 3.54.
Time out + upward trend is a good combo. Just make sure you do a no-excuses GPA addendum.