EDIT: It does, however, not like phong shading at all. So it doesn't seem to work on models with phong on their textures.
And to be fair, neither does vertex lighting.
I've been pushing for something like this for ages, but my version would have been something more like allowing LightmappedGeneric materials to be used in models and recompiling certain models that have large flat surfaces to grab the lightmapped material for those portions only, so you still have good-looking lighting on the detail trim. So, for example, the shipping crates could be all lightmapped, while
a theoretical delivery truck could have a lightmapped box and a vertex-lit cab and wheels.
It's my understanding that vertex lighting was implemented in the first place because the amount of fine detail in models and the amount of distortion and papercraft-style folding in UV maps makes lightmaps impractical for anything but large, mostly-flat surfaces. So having to go all-or-nothing on a given model is still a bad idea.