Yep, it should motion blur, as long as you've checked the box in 'render globals', i've done an anim with it and was quite impressed, but it kind of only blurs in a 2 dimensional aspect though (no warp speeding) i'm afraid, but if you want a warp speed effect you'll have to start messing with Maya's particle effects, and i haven't really begun to mess with that yet, (only attempted a little smokey effect and an explosion), but i've found this 'leather' method of a starfield quite effective so far in my anims.

Mess around with it, and you could come up with some really interesting effects

Glad i could help out a little