Yes it does! i just tested it yesterday on 7.01 and it works fine. All you need to do is make sure you dont have namimg clasheds thatwould do overwirtes! The only thing that works a bit nastily is the default uveset wich works a bit unexpecedy at times.
Ofcourse the target mesh must have a EMPTY uvset created so that transfeer will do the overwrite. Otherwise who knows what might hapen (i didnt realy have time to enforce and anlyze this behaivour).
Thing is this is how i tested this. I made 2 cubes added number of sets to the other cube that differed form the original. Then i copied the target of trasfer cubes befault map to safety, and set that cubes defout map to the currentSet. The I ensured that both cubes had Sets with same names by creating them to target cube(and renamed ones that did exist on both so not to overwirte them), went on to trasfer. AND viola the cube that had 1 set now had that 1 set and all the other sets fom cube 2, 3 sets were ok and correct And amptly named. Now, this by nature demontrates you can move isolated sets, see if i wonly would have wanted to trasfer one of the 2 sets form the other cube to the firts one i can allways delete the extra sets at thispoint! Even if this wouldt work form less sets to more (it does) you can allways move the more sets to the less and back, a bit of shufling but doable.
Yes my intial code dint work becaus id dint realize maya allways copied over ALL same named sets, thing is tough under some mysterious conditions maya does indeed redo the sets itself but not allways.
But hey your oviously not using the same maya as i am. But yeah ill post code as soon i i can get out of the liibrary basements im trapped (doing reserch) at currently. Not that you opparticulary deserve the code but.