It does, as far as I know.
I think it's clock doubled? I vaguely remember that Low End Mac or some such listed the PowerBook 190's CPU speed (for example) as being 66 MHz, but noted that the bus speed, and therefore the total effective speed of the machine, is only 33 MHz, so I'd say he's running a 66/33 MHz LC040 (as in the P57x).
I think the reason for this is that the 040 runs at that speed internally (which is probably, in part, why it's faster for a given speed than the 030), but it's bus speed is slower (for compatibility?)
I really don't know. I could be spewing nonsense...
But this is my understanding of it.
c