Yes it does, but depends of the IMU, here is clarification of the different IMUs http://www.rcgroups.com/forums/showpost.php?p=28470023&postcount=540

I took this video last weekend using the same IMU I had with 8 bit. In addition on this video also the frame IMU. But ferrites where needed to get rid of the I2C errors. http://youtu.be/3BBx6LMI9Tg