Yes, it does, simple one.
This Flip-It is now my main DSLR flash bounce accessory, I have the Jumbo version. On a DSLR, I definitely prefer it over my current Lumiquest Promax or either Lightsphere models I had before.
Its greatest strength is the greater degree in controlling or fine-tuning the flash bounce compared to the others mentioned, even without moving the flash, just the Flip-It. Of course, one can still rotate the flash around.
This, however, can also be its "weakness", as the greater degree of adjustment can leave one with many choices or even get it wrong. One just has to gain from experience.
And this is why I associated its use with DSLR. On my film cameras, I'd rather use the Lumiquest with diffusor, as there is limited control, and is easy to predict more consistent results. Using the Flip-It with DSLRs, one can immediately see whether the Flip-It adjustment is suitable or needs further fine-tuning, unlike film cameras without Polaroid or digital backs.
One can actually DIY this, but for those who are not inclined, those who would just rather accept a finished product, I would say Recommended

.
.