yes it does. i drink it all the time. I dont drink the cold though, just because I prefer it hot. the hot is more calming to me. if you have time for hot tea, try yogi tea ( www.yogitea.com ) it is amazing and puts me to sleep.
the health benefits of green tea are amazing.
http://chinesefood.about.com/library/wee...
that page shows some of them. keep drinking your way to health!

Green tea has coffeine in it, so apparently it cannot have calming effect. The effect you experience is better described as slow working lifting effect same what you get from coffee except not as rapid lift and drop.
Best way to prepare it is - boil the water, than leave it set for one minute, and than pour over your prefered green tea. You can pour it twice over same leaves - first time it's sharper, second time milder. Second time green tea releases even more benefitial antioxidants and vitamins.
Steep first time for 3-5 minutes., second time for 5-6 minutes.
I personally do not like taste of it, so I choose flavored ones -for me best work green teas with lemon, tengerin or jasmin flavors.
I've red lots of information that green tea also helps to loose weight, and I experience it now personally. So, yes, it has this effect.

I don't know, but my husband loves the Lipton Green Tea in the 20 oz bottles....