On the C7x0 it may. However since the kernel is undergoing a series of serious reorganizations (udev,hotplug,pcmcia core), it's not yet decided whether we will ship 3.5.4 with 2.6.12 or wait until these things are completely done - which could very well take until the end of this year.
I recommend someone trying this on a laptop or desktop PC. If it works there, we will get it to work on the C7x0 as well.