It does not work with 3.5. Primarily because there is no longer a PHP_Include template
Code syntax for parsing bbcode has also changed in 3.5
https://vborg.vbsupport.ru/showthread.php?t=82693 <--- thread on how to parse bbcode in 3.5
I tried for awhile to get this to work, but was unsuccessful. I'd love it if someone would port this to 3.5. If they could fix the problem with parsing dynamic url's as well, then that would be even more swell.