Yes, it still works.
I removed it because I wanted to see how silent my computer could be if I had all Nexus fans in my computer and with a fan controller. (My Forton PSU has a Yate Loon fan which I read is similar to Nexus.) Well, it's pretty silent. I'm not sure if the fan controller makes that much of a difference with Nexus fans though. On the video card though, I installed a Thermalright HR-03 GT with a 92mm Nexus fan. I don't have temperatures yet because I did not install the temperature sensing program yet (smartdoctor). I wish Thermalright would change their mounting mechanism for the fan. It sucks.
I feel like making a 8800GS vs HD4670 thread but I don't have time right now.