It does indeed work. It however broke my install and I had to reinstall the 15gb, or whatever crazy amount it already is, again. Got it working though and had a free flight and then tried the bots mode.
My computer is at the minimum level of requirements, maybe even a touch under, and I was ready for a stuttery play, but it actually doesn't run too badly. It does feel a bit sluggish, but apart from that I didn't get any momentary freezes or sudden jumps across the map. In fact it still looks quite good, though the cockpit hud is a bit crowded from my low screen resolution.
The combat is okay. Like I said, it was a bit sluggish and I was learning as I went in terms of how to fly and fight so I did a lot of esc out to look at keys. One problem I had was I didn't really get a feeling of motion so I couldn't tell if I was going fast, turning sharply, which made the inevitable turn fight I got into with the Vanduul fighter a bit tougher. Not to mention the targeting indicators confused me for a while so I sprayed a lot of fire around the place to no effect. I'm actually still not sure what the difference between the green circle and green diamond is.
The green diamond is for when the gimballed weapons are locked on target and are auto adjusting for targets distance and speed. I personally find it's best to start firing within 700.
I'd also recommend trying the decoupled mode(by pressing caps lock). Think B5 Starfury, where you're able to turn around in space but still head in the same direction. Makes dogfighting both interesting and easier.