No, it does not. I was able to get the system past the grey screen ONCE this morning, after which it attempted to load my Bootcamp install - which unfortunately didn't actually work since that drive was removed at the time. It stuck at the grey screen after that, even with the Bootcamp drive reinstalled.
Fortunately is looks like my Time Machine backups were working, I was able to get my work off via my ancient 2006 Mac Mini. Too bad it can't run the software to actually open it!
have you tried doing a clean install? I'm not saying a clean install will work, but it will help rule out things.