I'm sure it does, the question is how often. Rick Weber said that one of the big waterfalls in Muir only freezes up about once every 5 years.
I just went to Hemlock Cliffs Wednesday, and one of the locals said it had been zero degrees for weeks, and yet the biggest waterfall there didn't freeze up:
http://i50.tinypic.com/30msg2u.jpg
One of the other large waterfalls did though:
http://i48.tinypic.com/j7dpo9.jpg
& here is another pic from behind it:
http://i45.tinypic.com/2l9tyev.jpg
Yellow Birch Ravine(note: no climbing) had an amazing frozen waterfall coming down from the arch:
http://i46.tinypic.com/7res.jpg
One of the frozen waterfalls at Yellow Birch Ravine collapsed:
http://i47.tinypic.com/213noqs.jpg
But there was another large frozen waterfall right next to that:
http://i50.tinypic.com/28hifzl.jpg
"It is difficult to estimate the potential damage of solvents; therefore the middle of the rope should never be marked with a felt-tip pen or similar. Although a danger might be improbable, it should never be ignored." Mammut