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No it doesnt
Obviously gravity doesnt give a shit where the weight is. Thats not my argument. My argument is that the Wheel weight has more effect when accelerating (which that article agrees With), and that as you lose momentum faster up hill. You effectivly need to accelerate more going uphill (which that article doesnt mention. But try rolling a ball uphill. I'm not lying here).
The internet seems to disagree with that:
http://www.reddit.com/r/Velo/comments/29oedw/the_case_against_rotating_weight/
https://van.physics.illinois.edu/qa/listing.php?id=7559