The parry cancel is no longer usable, because the two frames only count toward canceling into PARRY, not dash, so yes KC still works, how do i know this? because if you whatch the tournament video on gamespot, seth mentions its the latest version, that comes with the DLC.
you latter see a dante player USE and succeed in using his Bold Cancel (After many failed attempts) you can also tell this is the lattest version, because a evil cole uses his level 2 and you can see the significant change in the speed (As mentioned in the patch notes) So NO MORE PARRY CANCEL noobs, but players who put the effort into the Bold cancel can still KC...
(On a side note: The dante player also mentions what he tried wasnt working at first, so maybe it is harder to pull off, but still completly possible...)
*8:12- player bold cancels
*9:22- Player mentions "What i tried wasnt working"
*13:40- Evil coles new lvl 2, proof of patch