O2 Sensor on a Carb Engine Question

Has anyone bared witness to an O2 sensor giving a lean number when it is actually pig rich. I believe this is a possible case as it is only looking for unburnt O2, yes? In my research I thought I had come across this, but can't find it. I am not running an O2 nor am I having running issues, just have this question to help those that believe the O2 sensor is the God gift to tuning. I understand in a fuel injected engine, with more sensors, variables, and tuning maps it shouldn't be the case. But this question is for CARB induction use.
That's why you read plugs. Its the only real witness to the combustion event.