httpcompression

So I've been reading quite a bit about speeding up page loading on the forums here and elsewhere. My understanding is that on Winhost the below code in my web.config file will do nothing because gzip is not supported. Which is fine, if true, I'm just trying to understand. So, will this code do anything? Thanks.

Code:

<httpCompression directory="%SystemDrive%\inetpub\temp\IIS Temporary Compressed Files">
            <scheme name="gzip" dll="%Windir%\system32\inetsrv\gzip.dll" />
            <staticTypes>
                <add mimeType="text/*" enabled="true" />
                <add mimeType="message/*" enabled="true" />
                <add mimeType="application/x-javascript" enabled="true" />
                <add mimeType="application/atom+xml" enabled="true" />
                <add mimeType="application/xaml+xml" enabled="true" />
                <add mimeType="*/*" enabled="true" />
            </staticTypes>
            <dynamicTypes>
                <add mimeType="text/*" enabled="true" />
                <add mimeType="message/*" enabled="true" />
                <add mimeType="application/x-javascript" enabled="true" />
                <add mimeType="*/*" enabled="true" />
            </dynamicTypes>
        </httpCompression>