I dunno, I had problems trying to make it do something, but I forget what. I almost want to say it was git submodule related, but it was like a year or more ago.
Why would you need submodule support with vundle? With vundle you don't even need to have your .vim directory as a part of the 'dotFiles' repository - it just accepts a list of plugin (github/vimscript/whatever) urls that you want to install.
