Yes it does. The only thing is, you will have to install Rockbox on it. This player in its current condition will only work with upto 2Gb MicroSd cards.
And one more thing, buy a card reader with your card. You will not see this card when you connect the player to your PC. You will have to do the reading/writing through a card reader.
Edit : BTW, where are you ordering it from? Even I want one... :bleh: