Probably, short of a post-scarcity benevolent robot dictatorship.

Democracy is only half of the issue, as the voting system you use also plays a huge role in the selection process. Check /u/verdatum's links for more on that. Now, assuming a fair voting system where everybody truly has a say, there's still other things to consider.

Talking strictly about the democratic philosophy, there are still some very serious issues with the system. Most people are not informed enough to make good decisions, the level of knowledge necessary on several topics is prohibitive for the vast majority of people, and most of the information flux is biased and made following specific agendas to create narratives in favor/against specific ideologies and opinions.

Without access to information, or better yet, without actual widespread knowledge of reliable information, the democratic system fails to give people true political power.

There's also the social/cultural issue that the system, in great part due to the way our culture works, tends to end up focusing on the people and not on the issues. Personally, I'd even argue that the fact we tend to cast votes on candidates, and not issues, is one of the things that are undermining the democratic process. The candidates are invariably going to be people who want to reach a position of power, which attracts exactly the kind of person who would want to use the system for personal gain, as it so often happens.

There may or may not be good partial solutions for all of these, but I don't see these flaws going anywhere anytime soon.

That being said, even though the system is far from perfect, and if we have a fair voting system, at least everyone gets to participate and share part of the responsibility on what paths their community will take, however finicky and unreliable that power may be. In this sense, we at least are giving people some power to decide the course of their own lives in a grander scale, and that, to me, is the core idea that makes democracy more desirable. I believe that people deserve to have that power, for better or for worse.