MDS (Master Data Services) SQL 2012 is out with new enhancements to make development a lot easier. The issue is, is business ready to move to SQL 2012... So I took a shot and tried installing MDS SQL 2012 on SQL 2008 R2 instance.
1. install MDS SQL 2012 from ISO
2.Run Microsoft SQL Server 2012\Master Data Services\Master Data Services Configuration Manager.exe
3. Create new database point to SQL 2008 R2 instance.
4. Create new Web page
Everything run smoothly and portal came up.