It does...but not perfectly.
VC has some gauge problems (super-imposed displayes, buttons that don't work, non-functioning AOA indexer stand out the most IIRC). Most animations work (like the aux inlet doors and entry door/ladder) but bomb bay doors are in-op. Flight dynamics seem comparable to FS9. 2D panel seems to be OK with no issues.
Prior to SP2/accel it worked identical to FS9. Unfortunately the benefits SP2/accel brought also had some drawbacks.
-G-