I’m sorry to say that no, it does not. Take a look at the second Note at the bottom of this article: http://support.microsoft.com/kb/926185
It would be nice for those using Server 2008 as a workstation OS, but it looks like we will have to rely on Volume Shadow Copy Service and good old backups.
Update to this article - May 8, 2009
For those of you running your environments in Hyper-V and want some sort of system restore, take a look at Hyper-V snapshots. Just remember to keep your data elsewhere and to thoroughly test using snapshots before using them in a production environment.