My work one certainly does, and I've found that replacing the cap with an official ThinkPad one gets you about 50% of the way to "ThinkPad-quality TrackPoint". But it started out as "Is this purely decorative? Have you tried to use this?!" so even with the red cover it was "Well, I guess it works for minimal mousing inbetween typing."

These days I use an external ThinkPad keyboard on it, since I'm mostly docked at a desk anyway.