"Always ask when opening this file" - is the action correct on W7?

I have a vague memory that under XP, or something earlier, unticking
that box did more than the question implied - as if it was applying to
all files of that _type_ (such as .exe), or something. Is this fixed in
7, so that if I untick that box when the UAC comes up, _only_ that file
will be permitted without a UAC prompt in future? In other words, is it
safe to untick that box, or will doing so have consequences beyond what
the shown question imply? (Doesn't turn off all UAC prompts, for
example?)
--
J. P. Gilliver. UMRA: 1960/1985 MB++G()AL-IS-Ch++(p)Ar@T+H+Sh0!:`)DNAf

Today, I dare say more people know who starred as /The Vicar of Dibley/ than
know the name of the vicar of their local parish. - Clive Anderson, Radio
Times 15-21 January 2011.