If UGA only loses 1 game like Florida that year, then they should be in the BCS Championship Game. It will also depend on when they lose. Auburn beat Florida in 2006 in mid-October. If UGA loses to Florida in late-October or Auburn in mid-November it could hurt them more. Of course, if things were as wild as last year, all bets are off...
Timing of the one loss is important, but sometimes I think its importance is overstated. Back in 1996, Florida lost the last game of the regular season and still played for the title. In 2001, Nebraska lost to Colorado (badly) at the end of the season, missed the Big 12 title game, and still got to play Miami for the BCS title in the Rose Bowl.
Loss timing does factor heavily into the at-large BCS selection. The SEC and Big 12 have had instances when a divsion winner loses the title game and the runner up gets the BCS at large pick. Last season, Tennessee beat Georgia (handily) and won the East. However, because they lost to LSU in the title game, Georgia ended up getting the BCS at-large pick. The same thing happened between Missouri and Kansas.