Yes, it should, in theory. Everything has to be just right.
1.) All of the server side networks must be using RFC specified private addresses with the RFC specified mask. The server must assign addresses from within it's home network.
2.) All of the networks involved must have a unique network address.
3.) The 'Use default gateway on remote network' option must be disabled. (Actually, you could have it enabled on the last client connection.)
4.) All of the hardware between the client and the servers must be able to properly deal with GRE. That is the biggest problem. Much of the lower end router hardware that does NAT doesn't deal with it well. That situation is getting better, sometimes a firmware update will do the trick. The real problem there is you are at the mercy of the ISPs involved sometimes, as their hardware is in the middle as well.
5.) The OS should be thouroughly service packed on both ends. Some versions of the MS client do not behave as documented.
While we're here, some of the 'whys' that go with it.:
1 & 2 -- When a connection is created with the MS client, a route is added to the client's routing table. The gateway is the client side of the VPN connection. The destination and mask are inferred from the RFC specs. The server network must follow the specs in order for the route to be correct. Each network must be unique for the routing table to work. If two or more routes appear to point to the same network, only one will be used. Oddly enough, in some versions of the client, the routes are added even if they duplicate networks. (Actually, that might happen even in the current clients, haven't tried.)
3 -- If the default gateway option is in use, the network specific route mentioned above is not added. The default route is added and used to access the remote network. When another connection is made with the default gatway option enabled, the default route is changed and there is no longer a route to the prior network even though the connection is still live.
4 -- GRE is the protocol used for actual data on the connection. It doesn't follow a lot of the rules that otherwise apply to TCP/IP.
5 -- Main problem here is the addition of the routes. There are other things that were fixed along the way, but the routing is the only one that is applicable here.