openscholar php

I'll probably be setting up another Openscholar installation on a new machine soon, running Ubuntu 12.04 which comes with PHP 5.3. In general, it has been suggested that Drupal 6 doesn't really work well with PHP 5.3, and the system requirements for OpenScholar also ask for 5.2. I suppose I can downgrade the PHP installation on the server but first I wanted to hear if anyone is successfully using OpenScholar with a current PHP version -- apparently most modules and the core for Drupal 6 have been updated to function with 5.3.

Thanks,
Harald.