Yes it does - using a 350D and a Canon lens does beep, illuminate the focus point and give you a green light, upon half pressing the shutter button then manually focus, it will beep when focused correctly. Also it will beep about every second so long as the button is half pressed and it is still focused (ie the object has not moved, or the camera/focus has not moved).
Cheers CT I never new that until you mentioned it until now
