Seems to, yes, but several owners have pointed out that the gauge is just lousy. It'll drop like a rock for the first gallon or so, but even when it shows near the bottom white line, you still have almost 2 gallons in the tank. Mine does it too.
It scares me and I fill up every day!
But it only takes less than a gallon and a half to fill up at that point.
I haven't checked my mileage but those who have say they get anywhere from 55 to 65 mpg.
Some owners have said they don't go by the gauge but rather by the odometer since the last fill up.