Yes, you do - Inbound call waiting works fine, when you get an incoming call the phone speaker beeps, and you get a little image for the waiting call in the top left of the screen (below the status area) which lets you switch between calls by pressing it.

The OP's query is about outgoing calls to someone else with call waiting enabled though, which is not something i've tested. I'm unsure exactly why the OP needs any kind of notification on the display that the call's waiting (on hold) rather than ringing or being answered though, surely you can hear that perfectly well.