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So, my guess is that it does, but I don't think I've seen anywhere that explicitly says that the estimation history is used in the burndown charts. In theory, it should be used in there, but it wouldn't need to and could be based only on the current "Time Remaining" for the project.

So, which is it: Uses estimation history in it's calculations, or just uses the actual numbers?

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After looking at the burn down chart report, it is clear that it MUST be using the estimation history because otherwise it would not be able to calculate the burn down in a probabilistic fashion.

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Took the words out of my mouth :) Yes, the burndown chart definitely uses estimation histories. – Bradford Oct 20 2010 at 18:03
note: there is a feature request to add the user-estimated time without adjustment to the chart: fogbugz.stackexchange.com/questions/1434/… – adambox Nov 8 2010 at 21:50

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