Yes it will but:
1.) Configure the PIX on CheckPoint as en Embedded device.
2.) DH Group 2 seens to bug with Cisco Try DH Group 1
3.) Keepalive timers must be the same
4.) The access-list in the PIX that should correspond to the encryption domain on the checkpoint firewall. Exactly the same subnet maks.
PIX(config)# access-list VPN permit ip Internalnet ISubnet Externalnet ESubnet
PIX(config)# crypto map REMOTE 10 match address VPN
sincerely
Patrick