Xrm.Utility.openEntityForm no longer working

*** Update 3/5/2013: This issue has now been fixed via a Cloud update ***

Other known issues with UR12 can be tracked here: 
https://community.dynamics.com/crm/b/dynamicscrmsupportblog/archive/2013/01/28/december-2012-update-has-been-released.aspx

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If you have a CRM Online installation and the Xrm.Utility.openEntityForm jscript function which you *knew* was previously working but apparently is no longer.... well, the good news is that you're not going mad. The bad news is that it is indeed a bug that has been introduced in the current (as of this writing) version of CRM Online. Or as confirmed from Microsoft:

Issue Definition: Xrm.Utility.openEntityForm does not work anymore since Update 5.0.9690.3339 on the CRM Online organization.

I have confirmed that this is an issue with the latest update that has been done with the CRM Online organizations. We are currently working on the code review and should have the fix in place shortly. 

The Microsoft support guy I spoke to indicated that this would likely be fixed within a week although I do not have a definitive date.

For the sake of reference below is the text of the error received when trying to use this form open utility.