I've never been sure of this either but I've always checked it. (stupid I know). I believe a way to test this would be to uncheck this option then run getif against the server to get it's snmp walk ...
I have several Windows Server 2008 64-bit VMs that I monitor with MRTG. All of them are working except one - it doesn't respond to anything on port 161. Funny thing, initially it worked, and then ...
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