Yep, works great. I got myself up and running with VS2012, finally.
Note to others:
If opening/using existing projects, please note that your old project files are junk, wont work. Modules and device versions in the project file wont update automatically. Either create a New project and move your code over, OR, what I did is updated the versions for modules and cleaned up the project file including removing reference to VS2010 version info.
Also note, it was a bit confusing that you install NetMF and SDK v4.3, but really, your project will continue to use v4.2. Even if you create a new project, this seems to be the case.