Yes it can. I've been flying this tricopter with an APM2 since May or so.
It's not too bad. Yesterday I flew 5 batteries after upgrading to the latest firmware and replacing a tail servo that was getting kind of loose. It was the best day of flying I've had with it since I installed the APM2 around June 1. With stock configuration, I'd give it a good "B" in how well it flies. Considering I've had some SERIOUS problems with it in the past, I felt very good about it. It still wobbles a bit more than I'd like in fast forward flight, but I might be able to tune some of that out.
I've learned there are several keys to making the Tri fly well: Make sure it's VERY well balanced along the CG, both fore/aft and left/right. Be sure there is NO play in the yaw mechanism. Keep ALL electronics and wiring as far away from the APM2 board as possible (probably always true, not just on the Tri, but it's tight on space).
I'm very tempted to try building it out with carbon fiber arms. I like that the wood is easily replaceable and light, but I'd like to see how stiffer arms impact flyability.
The weirdest thing yesterday was that in AUTO mode, it flew towards waypoints, but was yawing about 45° to the right. Looked like it was crabbing. Not sure what's up with that, more research to do.
Coolest thing yesterday was that I tried a 4S 5000mAh battery with 10" props and got 20 minutes of flight. Gotta love that about tricopters.
How does feel with cg above the cp?
I'm not sure exactly what you're asking - Center of Gravity above Center Point?
My battery is on the bottom, so the CG is definitely below the craft's middle.
If you're wondering about the weight of the big battery - it did feel a bit different - it had more momentum for sure.