Any "official word" on whether or not it's ok to use the Crysis 2 Advanced Graphics Options Utility or not? I've seen people say it's ok, and others that thought you can't use it.

Personally I don't see "why" you could'nt...?

Also, does it even work with the latest patch?

I don't see why you can't

It can be used but since the 1.4 update some cvars have been locked. It's still handy for setting a custom FOV or a max FPS though so it's not all doom and gloom.