Yes it does. 7.10 has an appearance settings, kind of like XP had. The last tab, gives a choice of three levels of effects.
You will probably have to install restricted drivers first if you have an ATi or Nvidia card. I have a nv8600 which is now supported fine.
The new options don't let you configure compiz fusion, only choose from three levels.
However if you go synaptic and install compizconfig-settings-manager. This adds a fourth option called "custom" which lets you play around with all sorts of stuff.
I got bored after 2 minutes and reset it to the medium effects.