Universal Google Analytics?

I'm assuming the latest version (3.0.3) does not support the new Google Universal Analytics upgrade ([url=“Developer migration center  |  Google Developers”]http://bit.ly/1ifbMwS[/url])?

The latest version is 4.0.3, not 3.0.3. The latest V3 release is 3.0.6.

To answer your question, I see no reason why not. It is something I have planned to look into in more detail before my next V4 upgrade store goes live. Not sure if CS are working on it or not, but this same question has been asked a couple of times here now.