yes it does but the pinouts are different... i had to make my own converter dealio for my audigy 2 value so that i can use the front pannel mic and headphones
http://www.newegg.com/Product/Product.asp?Item=N82E16829102178
go there and click on the pics, and the first pic... see the white connector thats the front pannel audio. the problem is that the connector is not a normal connector like on a motherboard so you have to find a plug that works... almost all ps2 port mouses use this type of connector inside the mouse so i jacked 1 out of there and soldered it up.
ill post a pic of my converter with the pinouts for the headphone and mic connectors.