0.12.0 introduces DB obfuscation to prevent false positives. It is my understanding that this work by xor-ing the block files with seeded random stream. If armory tries to read the block files it won't be able to. Is there any plan to work around this? If not, I'm guessing that there would be a way to disable the feature in bitcoin core, but I'm guessing it would at least take a reindex.
It should. I am running the latest in the 0.12 branch of Bitcoin Core and armory 0.93.3 appears to work just fine with it, although a transaction that I received isn't appearing but I am attributing that to the fact that Bitcoin Core is reindexing right now.