To complete André's answer, an ant solution could be like the one described in Emacs, JDEE, Ant, and the Eclipse Java Compiler, as in:
<javac
srcdir="${src}"
destdir="${build.dir}/classes">
<compilerarg
compiler="org.eclipse.jdt.core.JDTCompilerAdapter"
line="-warn:+unused -Xemacs"/>
<classpath refid="compile.classpath" />
</javac>
The compilerarg element also allows you to pass in additional command line args to the eclipse compiler.
You can find a full ant script example here which would be invoked in a command line with:
java -cp C:/eclipse-SDK-3.4-win32/eclipse/plugins/org.eclipse.equinox.launcher_1.0.100.v20080509-1800.jar org.eclipse.core.launcher.Main -data "C:\Documents and Settings\Administrator\workspace" -application org.eclipse.ant.core.antRunner -buildfile build.xml -verbose
BUT all that involves ant, which is not what Keith is after.
For a batch compilation, please refer to Compiling Java code, especially the section "Using the batch compiler"
The batch compiler class is located in the JDT Core plug-in. The name of the class is org.eclipse.jdt.compiler.batch.BatchCompiler. It is packaged into plugins/org.eclipse.jdt.core_3.4.0..jar. Since 3.2, it is also available as a separate download. The name of the file is ecj.jar.
Since 3.3, this jar also contains the support for jsr199 (Compiler API) and the support for jsr269 (Annotation processing). In order to use the annotations processing support, a 1.6 VM is required.
Running the batch compiler From the command line would give
java -jar org.eclipse.jdt.core_3.4.0<qualifier>.jar -classpath rt.jar A.java
or:
java -jar ecj.jar -classpath rt.jar A.java
All java compilation options are detailed in that section as well.
The difference with the Visual Studio command line compilation feature is that Eclipse does not seem to directly read its .project and .classpath in a command-line argument. You have to report all information contained in the .project and .classpath in various command-line options in order to achieve the very same compilation result.
So, then short answer is: "yes, Eclipse kind of does." ;)