Yes, I've tested it, sort of (not an ISO test). I couldn't post it earlier because my web server was down, but here it is:
The image on the left was underexposed by about 2.5 stops of shutter speed, then EC added in Capture1. The image on the right was exposed correctly (3 stops higher than the left), no corrections in C1.
I have to admit that I think 1-stop of ISO won't make much difference to the human eye. It certainly won't be as dramatic as above. But, through exaggeration, you can see that the right image has less noise and more detail. A 1-stop difference would be harder to detect, but the difference would be there. Perhaps you won't notice it, but perhaps others will notice a difference.
Also, PacAce had done a *great* comparison, but I can't find it.... I'll keep looking, or ask him.