I don't think so. It IS a tool the game gives you, I mean, he still gave out a penalty kick and traded his ability to play the next game in order for his country to have a chance to move on. Non-violently. In the same way that a quarterback "accidentally" misses his pass and throws the ball out of bounds to stop the clock. It's a legit strategy, as long as you're prepared to suffer the consequences. Brazilian player Leonardo, for instance, threw an elbow at US player Tab Ramos in the eigth finals of the '94 Cup. That got him expelled from the game, and then suspended for the rest of the tournament. THIS is fair, in my opinion. Throwing elbow is a despicable behavior. Giving away a non-violent penalty isn't.
Just to add to the debate, I think, for instance, that players who burn the clock by faking injuries and cramps, or kicking the ball far away, etc, should be suspended. THIS is not a trade-off situation, it's an exploit. Suarez's wasn't. And I thought it was an AWESOME play, to be entirely honest. All the more because it WORKED.