No, right now it just pauses the player whenever the headphone is unplugged. There are some caveats to having it resume playback on reconnect (especially where more applications are concerned).

One example: Assume you have Media Player and Panucci open. It's okay to send a "pause" signal to both. You probably don't want to send a "resume" signal to both, however. Which one to choose then? It's not really obvious. The code is open, so if you want to give it a shot, feel free to do so