I see on my Dashboard that WordPress 3.4 is out today. I knew it would be out soon as I follow the WordPress Hackers and WordPress Testers mailing lists but have not done anything with it yet. In the past I have tried to do a basic smoke test against one of the release candidates before the final release is out but this time I haven’t had the time to do it.
So the answer to “will it work?” is “I don’t know!”. I realize that isn’t a very good answer and I will try to test it in the next few days. My recommendation is to hold off until I’ve done some basic testing. I am not aware of anything that will break based on what I know is coming but until I test it, you never know!