Yes. Fire, smoke and sparks are all particle effects.Is the fire in this video a sample of particle effects?
http://www.youtube.com/watch?v=eL3FIP3C1FQ
Particle effects do consume a lot of render target bandwidth, because of heavy overdraw and alpha blending (read+write instead of just write). You can even bottleneck Tahiti's massive GDDR5 BW (288 GB/s) by just alpha blending single colored (untextured) particles to a HDR (4x16f) target. Render target bandwidth is very important for particle rendering. This was clearly visible in current generation console games. Many cross platform PS3 ports had half resolution particles compared to Xbox 360 versions. Xbox 360 GPU had EDRAM to provide the backbuffer bandwidth needed for full resolution particle rendering (alpha blending and overdraw didn't cost any main memory bandwidth). On the other hand Cell SPUs had their own (high bandwidth) internal work memories, and many advanced PS3 games used SPUs to help with graphics processing (tiled deferred lighting and post AA were common targets).