Doesn't mention that feature. The cheapest way for variable speed based on temperature is either a PWM fan plugged into a PWM motherboard header or one of those rare fans that do their own automatic control via a built in temp sensor. Haven't seen one of those in a while though.
You'll have to shell out a bit more on a fan controller to get that feature:
I have the Scythe Kaze Master and it does not control fan speed based on temps. Temp monitors are optional to put on and even if you put them on they in no way they affect fan speed. In fact I think the temp probes are relatively useless seeing as they only measure the temp of the component you put it on, IE. the heatsink, which may be ALOT cooler than the actual unit underneath the heatsink. Id rather just fire up Core Temp, or CPUID Hardware Monitor, or my BIOS software to determine the temp of the component and adjust fan speed accordingly. Though the temp probes have been useful in measuring RAM temperature.
I don't even have the LEDs/alarm running, I just use it as a straight voltage controller for my fans. Works well, but there are probably cheaper alternatives.