Yes - for my doctorate, I wrote several papers, and as a condition of my (public & private) funding they had to be made available publicly.

What I found was that the actual _content_ is served by the university - free for all etc, but any typsetting, editing and formatting became the publisher's property. Yeah sounds daft, but, well, you can get all my papers either directly from the university (via a centralised UK catalogue that Google has managed to link quite nicely) or pay £20+ a shot to Elsevier for the same thing. (Maybe it's different? Looks better? A nicer font? I honestly don't know, but I'm pretty sure the results and stuff are identical, would be quite funny if they weren't)

This is the "norm" in STEM fields, but not so much in the humanities yet, and I would suspect that some for-profit journals would reject publication of your article if they knew you were already providing a pre-print and so wouldn’t really be respecting the post-publication embargo.