Does the "Enable hardware acceleration" check box work in Google Chrome?

There have been some recent changes to the Flash Player "Enable hardware acceleration" tab in the settings dialog on Google Chrome.  This tab is referenced in the How do I disable or enable hardware acceleration? FAQ.

You may have noticed that this tab was recently removed but is now present once again.  We wanted to let you know that our intention for this setting on Chrome is to allow you to toggle hardware video decoding on and off.  However, as of the current version of Flash Player (11.7.700.225) this is currently not enabled.  While the check box will allow you to check and uncheck the box, nothing is actually occurring behind the scenes.  We expect to correct this behavior in a upcoming release and will update this FAQ once completed.