Yes, it works. The new real time battery bar at the top of the app works but the number of minutes next to it always says 0. Everything else in the app looks and works exactly the same way. I accidentally updated my iPad to the newest version and didn't know how to downgrade it so I tried it out in my house without flying it. When everything seemed to be working, I took it out for a test flight and it was fine. It's okay though, I haven't updated my Android phone to the newest app yet which is what I use 99% of the time.
I am running 3.04 on my P2V+. I can't upgrade to 3.06 because the Mac 3.2 assistant won't open on my MacBook running 10.6.8 Snow Leopard. That's fine with me though since I've heard mostly bad reviews for the 3.06 update, including this original post.