We had issues opening SDE Geodatabases running ArcObjects 10 code on a Windows 2012 Server with Microsoft SQL Server 2012. Installing Microsoft SQL Server 2008 R2 Native Client solved the problem.
No, ArcGIS 10.0 SPx will not support SQL Server 2012. SQL Server 2012 is only supported in 10.1 and later releases.-Shannon
SQL Server 2012 will be supported in 10.1 Final release.
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