Good question! In quantum field theory, the inverse square law is shown to be a direct consequence of the masslessness of the carrier of the electromagnetic force, namely the photon. The field equations for a massive photon result in an expression for the electrostatic potential of the form:
[tex]\phi=C\frac{e^{-mr}}{r},[/tex]
where [itex]m[/itex] is the photon mass. This potential is called the Yukawa potential (in case you feel like Googling for more information).
Currently the experimental upper bound on the mass of the photon is [itex]6\times10^{-17}eV[/itex] (source: http://pdg.lbl.gov/2005/listings/s000.pdf) . So if the inverse square law doesn't hold exactly, it's pretty darn close.