Yeah it does. I have composite going to my SD CRT and the new guide displays fine on it. It also works with S-Video as well.
On my other DVR I have HDMI going to my TV and Component going to my SlingBox and both work there as well.
Are you outputting a signal in composite and HDMI from the same unit? I have read that if you don't set the receiver to 480p you will just get a message on your SD screen telling you to do so. My concern is having a DVD recorder hooked up to the receiver to record in SD and not being able to view the "List" to choose what to record without changing the setting on the receiver. If this is not true then I will be very happy.
To add, I read on another site that you can just hold down the "Exit" button to toggle back and forth between HD and SD that might work out OK as well.
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