Answer to your question: YES. The community patch is
semi-official, since it brings together piranha bytes patch (1.12), community patch (quest fixes) and (new developer) Spellbound's patch (better memory handling).
Yes, I too put the game
on hold for a year(!). Actually I sold it away, then heard about the community patch and bought it back (cheap budget version).
It's good that you noted that you have 2gigs of RAM, since it
still eats up whole lot of memory, because of that awesome world. Sincerely, it as one of the most beautiful (virtual) worlds I've ever seen in a game. Definately the best part of it and worth seeing.
I think you should lower some of the settings (shadows for example) to make it run a bit better. You will have stuttering in the cities, but otherwise it should run pretty good. Try lowering graphic settings and see for yourself. Some details don't actually matter that much, like lowering textures, you hardly ever zoom so close to see it clear enough...
The downside that still exists is the dull combat. Well, the dull side of the combat is that is far
too easy.
PS. They are actually still doing continuing developing another community patch, but since 1.6 appeared a week ago or so, it won't most likely appear until summer...