Statusspec is only slightly broken. The "statusspec_localplayer_set_current_target" command will make your game crash, but "statusspec_localplayer_player x" still works. It's pretty bothersome to go through all of the players to find the right target, but other than that it works just like before.
You can't see their ammo, damage numbers or hitsounds, and I don't know of any way to do that using an stv. You can see their health, so you could theoretically edit the HUD to make it look like a POV demo.