Hi,
until the "legacy" fat client will be supported you can use it to manage your vCenter server. But as others already mentioned there are some caveats:
- you will lose many new and cool features
- you will not be able to edit VMs with HW version 10 (anyway you can acomplish this with PowerCLI scripts... )
For features comparison between Web an Fat clients see this blog post:
Which vSphere client should I use and when? | VMware vSphere Blog - VMware Blogs
Also look at these articles:
VMware KB: Upgrading a virtual machine to the latest hardware version (multiple versions)