Yes it does, mechanically anytime you have Concealment you can make a Hide Check otherwise you normally need Cover (RC 32) and the Stance grants both, which is technically irelavent since the Natch system allows you to hide without needing Concealment anyway. Flavor wise, I'm a flaming dragon mech, on fire, behind a nearly occlusive wall of fire. All you can see to strike is fire, fire, and more fire.
The only real difference is I've been pin-pointed, or they know which square to attack for the 50% miss instead of randomly targeting every possible square like a game of battleship; except you only get the report back of a hit half the time.