No it doesn't, sorry. On my Epic 4g all it shows is a triangle in the lower right corner of each day while in month view. Click on a day with the triangle, and you can view your appointments. The calendar has a day view that allows you to scroll through the hours of the day to see appointments etc.
There are calendars available on the market though that do what you need in one way or other, some are free, some are paid for a few $. Google calendar apps for android and you can find out more info on the various calendars available
I use Jorte, it's free in the market. It replaces the stock calendar app. Jorte syncs with Google and has full month view widgets that shows your appt text in the date boxs. Pure grid calendar widget is another good one.
Give Pimlical a look. You can see the text in the month view and even easily change the size of the font to see more or less of it. A very powerful calendar app which I've used since my Treo. Pimlico Software home page