No it does not theres only one constraint! It just animates the one base shape and aims it at your camera. Because all the particles are this same shape they too will rotate accordingly, while it works on limitted degree its not working properly. (from a biref test you might conlude it is)
Its fine as long as the original shape is in front of the camera, or the focal look form the camera is limitted to flat scanline. but when its NOT you get the wrong results,also it has the habit of skewing att camera sideways motion. If you make a long cloud of particles and move camera so thst it does not point at the center original and start zooming in so the original is to the side of the camera yyou soon realize this is the case.
Well its not hard to do the effect tough. Its not just that ovious. there are 2 different solutions for 2 different rendertypes. In total scanline mode orient contraint is enoug (or allmost enough)! and ina true cameara mode a per particle aim can be done with a 2 line expression. and 2 custom variables connected to the instancers aim direction and one for aim world up. Wichever you use depends on what rendertype you use.
PS. never ever distribute or open MB files. they contain a danger for including malicious code inside them. A ascii file is easier to chek for and disable such things. Se i could easily use eval, system, file or peopen to do malicious stuff on your computer. Either in scriptjob or exression without you knowing it (so if if formatted your drive thisway theres allmost nothing you could do, if you werent carefull).