Yes it does! Matt Cutts from Google has a great video explaining it:
http://www.youtube.com/watch?v=keIzr3eWK8I
(I'm not sure the link policy on this forum but assume since it's Matt Cutts, it should be okay!)
Best posts made by Domaining
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RE: Does server location (IP) help with international SEO?posted in Technical SEO
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RE: What to do about all of the other domains we own?posted in White Hat / Black Hat SEO
One approach that we have found to be successful is to build mini-sites on the other domains with links to the other sites. A platform like Wordpress makes this easy and you can give each site a different look-and-feel. Throw in a $27 logo from LogoNerds.com and you have a completely descent brand. Put a few pages of good content on the site and link back to your main site.
It's important not to go overboard with this approach. The content should always be top-notch so that these smaller sites still have significant value to the visitor. Often adding things like video can help here both in helping the visitor and increasing their time on your site.
Hope this helps - I think this is my first time on the forum but I thought it was time I dove in!
All the best,
Morgan