There is no microphone, so no. It doesn't.
Wait for the Touch 3rd Gen in Sept., it may have it.
figured as much
But wait a minute all the features that were reported on the 3GS were 3.0 features. Of course it's not going to show up now because the iPhone 3G and iPod Touch are not shipping with 3.0 yet. So? I guess maybe on July 17th I will know the answer.
You can plug in the iPhone headphones (ones with a mic) or a the Shure microphone adaptor for earbuds and use all of the microphone enabled apps on the iPod Touch. I use this regularly to send my wife a voice memo via email or to dictate notes to myself or record a conversation at a meeting.
But that doesn't mean the processor, or other hardware, can handle the Voice Control App.