It would if you want any features to be G729 as well. For example, if the called party puts the call on hold, the stream will be changed to come from the pbx to the sip trunk. If you want that stream to be compressed, then the pbx needs a compression license.
My point though was that just because the endpoints support a particular codec, it doesn't mean it is sent in the Offer. That information, for SIP devices is configurable, while it's hard coded for the 3300 to use G729 if available (and the zoning matches, etc). I would use wirehark to decode the SIP session and verify that the SIP trunk is actually offering/answering with G729 as the first step.
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