I know that Microsoft CRM 2011 is compatible with SQL Server 2012 since UR6 (UR10 for SP1).
According to official documentation:
During an upgrade or a new installation, Microsoft Dynamics CRM Server Setup sets the database compatibility level to 100, which is the compatibility level of Microsoft SQL Server 2008.
I'd like to know if "SQL Server 2012 compatible" means that I can bump the compatibility level to 110.