It does. Not sure where your going wrong cause I'm using the latest version with the same setup as you.
You need to select solo in the drop down box, then put just localhost for the host, and all the other information should stay the same.
In the old one, I had "other" selected and it worked, so yeah, that was the problem. Anyhow, my hash rate is lower on the newer version. Have about 180 M/hash to 190, while on the new miner with the same setting I get 150 M/hash...
using the same flags? I've changed versions of guiminer with opencl probably 4 or 5 different times and have never seen a difference that big in hash rate...