Is there an SQL injection possibility even when using mysql_real_escape_string() function?

Consider this sample situation. SQL is constructed in PHP like this:

$login = mysql_real_escape_string(GetFromPost('login'));
$password = mysql_real_escape_string(GetFromPost('password'));

$sql = "SELECT * FROM table WHERE login='$login' AND password='$password'";

I have heard numerous people say to me that code like that is still dangerous and possible to hack even with mysql_real_escape_string() function used. But I cannot think of any possible exploit?

Classic injections like this:

aaa' OR 1=1 --

do not work.

Do you know of any possible injection that would get through the PHP code above?