Compatibility EV3 software with NXT brick - known limits?
EV3 has no support for the Light Sensor, just the Color sensor.  There is a Raw Sensor that can be used to create a Light Sensor MyBlock.  That MyBlock can then be used to create the various WaitFor, Loop, and Switch blocks using the Logic form of those blocks.

Then there is the calibration problem.  The Color Sensor block in calibration mode does not work on the NXT brick.  The EV3 can also program around that using file operations.

Finally, there is the memory problem. The new firmware leaves a bit less memory available on the NXT. The programs still need to be managed carefully to avoid using up all the memory.

Yes, you can use EV3 software on NXT bricks.  In general it is very easy.  There are some issues.