Unfortunately not, I brought a 307 2 weeks ago with 7 peugeot stamps and mine still went 4 days after buying it. Basically it puts the car into limp mode when it needs replacing. When you turn the car off and then back on this usually resets the computer on the car and you can drive around as usual for a short period until this process repeats itself. If you carry on ignoring it though it will then damage the cat. This is not a servicable item so Peugeot will not check to see if it is on it's way out.
Most people trade their cars in when this needs replacing as it can cost between £440 to £700 (cost depending on if you find the right Peugeot dealer).
If you found a 407 you were seriously interested in I would ask for a Peugeot diagnostic to be carried out (£40 - £55)which would tell you if it was due to be renewed but you would have to ask the seller to tell Peugeot to specifically look at this filter to make sure it was checked. If you were buying it trade you could always ask him to guarentee the filter for a year ( he'll probably say he's never heard of this filter before and that he's sold 100's without any problems, if so he should have no problem guarenteing it for you then.
Like I said before any diesel Peugeot above 50,000 would make me suspicious. These filters are like cambelts, it all depends on how & where the car has been driven.
You will find plenty of threads on this site that will give you greater detail on the particulate filter. As my Peugeot dealer said last week when I was booking my car in for one of these filter replacements "these are Peugeots biggest fault we deal with".