Yes, it does. When you run the disc, it will ask you what you want to keep. If you click "Nothing", it will do a clean install. A PC that is already running Windows XP, Windows Vista, or Windows 7 qualifies. I've done a clean install of Windows 8 on both Windows XP and Windows 7 machines this way.
However, if your PC is already freshly formatted and has no Windows on it at all, I think you would need the system builder version.
More info here: http://winsupersite.com/article/windows8/clean-install-windows-8-upgrade-media-144648
My Acer desktop (3 years old, Windows 7 64-bit) has recently decided not to start at all - I can get it to the boot menu but no further. I have the product key but no backup disks (can't find them - d'Oh!). Assuming there's no fundamental hardware problem, would I be able to install Windows 8 from this disk without a functioning operating system? A clean install is fine, as all my important data is backed up on a NAS.