Apparently it does, some, according to Matt Cutts:
It does, partly, as a quick Google search reveals:
Still Google is relatively quiet on what the bot exactly understands.
- Sometimes things don't go perfectly during rendering, which may negatively impact search results for your site. Here are a few potential issues, and – where possible, – how you can help prevent them from occurring:
As a result of this they have deprecated their crawlable Ajax standard:
Since the assumptions for our 2009 proposal are no longer valid, we recommend following the principles of progressive enhancement. For example, you can use the History API pushState() to ensure accessibility for a wider range of browsers (and our systems).