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It does, but I can't install it via Play on my Nexus.

Just got it and I loooove it!!
Well I got mine like an hour ago and first impression is "OMG can I get 4.1 on my phone please."
Other than that nice smooth - screen is pretty nice and what else yea its nice over all!!!
Just got mine 2 hours ago. I went through and installed a bunch of my apps. I was annoyed that everytime I installed an app and then went back to my list of purchased apps, it dumped me back at the top of the menu. Everytime I selected an app to install, I had to scroll all the way back down to where I was.
.Just go to the "Google movie/tv show" app icon at the bottom of the display and it should be ready to play immediately.
I received my nexus 7 from gplay today. I had been playing with it for just under 2 hours when my husband let the dogs in. One is a very playful puppy. She jumped onto the couch while I was playing with my brand new toy. It slipped out of my hand and crashed on the tile floor we just installed. You know the rest. Now looking to replace the screen. My case is due this weekend or early next week. It will probably work in spite of the screen but I can't stand to look at it right now. *sigh* I should have known better.
There is no Transformers movie on my Nexus 7. When I go to the Google movie/TV app it says at the top of the page "Looks like you don't have any movies. Touch the shop icon above to browse our full..." bla bla bla. So I don't have the movie or any of the freebies! Anybody got any ideas?
Oh! Sorry! I just got mine today too and I'm loving it so far...except for the no freebies part.