Yes, Zevus it does. It acts like an economic capital, but gives 100% planetary bonus instead of 50%.
Speaking of the mind control center, I think there -does- need to be a wonder that preforms what the mind center is supposed to. I've played games where enemy colonys have been ripe for flipping, but didn't for over a year. There have been instances where my ratio is far beyond the 4 required (from 40 to 70), and it'd still take a very long period of time for it to flip. Usually by this point I am dominating teh game military and employ my cheap tactics:P
What cheap tactics? IF your military is significantly stronger than the AI's, you can declare war and immediately ask for peace + a quarter of the enemies planets. You take his planets, declare war again, peace again, take more planets, ad nasuem. Eventually when they have a handful of planets left they'll stop giving you any more, but at that point they're so crippled they may end up surrending to you. I bet you could win a military conquest this way without ever firing a shot or invading a planet:))