I just ran a test, it does not.
I put single pixels black dots in paint and a 45 degree line (this 45 degree line had pixels were each pixel in the line was on its own X and Y axis). Everything looked fine on my u2711, on my LG TV, and even on my seiki set at 4k. But the moment the seiki went to 1080p its obvious its not 4:1 mapping. Each individual pixel is blurry while my 45 degree line had 'pixels' in the same x and y axis as other pixels (hence not being a real perfect pixel 45 degree line on the seiki 1080p).
That being said, its possible my 7950 is doing something funky. But if I put the mouse in any of the four corners of the 1080p res seiki the mouse seems to reach the edge normally. My seiki is also set to 0 sharp.
And on a side note: MS you fail so badly with your multiple display management on vista+ OS. Made this ultra simple easy test into a very frustrating experience.
edit: hmmm.... but my u2711 is also not scaling. Maybe this has something to do with my AMD video card drivers... but once again, win7 is making this testing extremely stressful. I am done for the night.