Yes, it would. ext3 is journaled, and usually does not need to be defragmented, but it would be nice if there was a program that did that.
According to wikipedia, this program can defrag ext3 if ext3 is temporarily downgraded to ext2, and then re-upgraded. I don't know what the consequences of this might be. Here is a cite: http://en.wikipedia.org/wiki/Defragmentation#Filesystems
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