Not by default ... but a good idea.
Here is a list of exif tags presented in one of the photos from my Moto droid on Android 2.1.
File name: 2009-11-11 17.00.20.jpg
File size: 1147174 bytes
File date: 2009: 11: 11 18:00:20
Camera make: Motorola
Camera model: Droid
Date / Time: 2009: 11: 11 17:00:11
Resolution: 2592 x 1936
Orientation: rotate 90
Flash used: No
Exposure time: 0.100 s (1/10)
Aperture: f / 2.8
ISO equiv. : 200
Whitebalance: Auto
Metering Mode: center weight
Exposure: program (auto)
GPS Latitude: N 44d 55m 44s
GPS Longitude: W 77d 22m 22s
I am sure there is a way to add it to the image ... Using the built-in orientation sensor, you can calculate the azimuth.
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