Yup, you should be good to go. I’ve been working with WP 3.5 for a couple months now, and following along with everything.
No changes to WP 3.5 really effect this theme. There are some little stylistic improvements that can be made to the Theme Options page to go with WP 3.5 admin style updates, but they’re so minor I’m holding them off until the next big update to the theme.
Live demo is currently running WP 3.5 — http://themeblvd.com/demo/alyeska