Yes.
Renaming the files, through the properties dialogue, will move the files and create new directories as necessary according to the template that you use.
After the rename and before you hit save, you can check the location field of each file and it shows where MJ is going to put the file and what the new filename will be.
Brilliant! I love it.
However,(i just remembered this) if you use a directory rule, both fields must have an entry. IE- the Base Path must be specified AND a Rule.
If you dont want any sub-directories created under the Base Path for the given files, just specify a dummy rule, something in the tags which is empty - I often use "Custom1". Because it is empty the files are just moved to the Base Path.
The rule field for Directories could be left blank up to about 80160 and it would still work, but no longer.
Maybe I should post it as a bug - oops, I just did!
As the King says, empty directories get left behind, which is a hassle but I don't think it should be part of MJ duties to address that.