Mine does. I have two fire modes however. It still fires almost as fast as COD 4 so it's pretty cool. You can buy modded controllers with two fire modes or conversion kits from Ebay. Check them out.
Works very well with the G3 in cod 4 and equally as well with the FAL in MW2.
And before anyone bitches about it. Yeah, I use the available resources at my disposal to influence the outcome of a game. So what.