I am using a Video4Linux 2 application. If you are using a 2.2 kernel, no. If you are using a 2.4 kernel, you can use the videodevX module for backwards compatibility with V4L1 drivers like ov511. See this page for more information. In general, yes.
Some people report instability and random crashes, while it seems to work fine for other people.
I will try to get an SMP system to debug this on soon. There are also occasionally problems with the camera not appearing when it is plugged in. The latest driver patch won't apply. Kernels from other sources may have unofficial patches applied, or may be corrupt. You need both read and write permission for it to work.