I can confirm this works, wildcowboy. I just recently upgraded my SE4 Classic (i.e. pre-Gold) to the latest deluxe for free.
I did have a bit of weirdness with installing the patch. I wound up having to find my SE4 CD (that took some doing!), do a clean re-install, and then patch that.
I have to say I like it. There are a lot of nice little features added, and some old annoyances removed.
And I agree with Suicide that you should ignore the h8ers, although I cannot share his enthusiasm for mods, or his scorn for stock SE4
So, let me know if you want a game, I'm rusty too