I am sure many people have all been using it but it is now official that SQL 2008 SP2 is now supported on ConfigMgr 2007. According to Harini Muralidharan, Microsoft statement:
"System Center Configuration Manager 2007 SP1, SP2 and R2 now support Microsoft SQL Server 2008 SP2 as a Configuration Manager 2007 site database. The site system role of Reporting Services Point and the client status reporting feature of System Center Configuration Manager 2007 R2 are supported."
No updates are required to use it.
That being said many times people assume that they can just jump to the latest version of SQL or server platform. This is not always the case. The different product groups must test the new platforms to make sure they work correctly and stable with SCCM. Manytimes there might be a patch that needs to be install or a hotfix. As a general rule you can expect a notification from Microsoft no less than 90 Days after something like this happens. So while you can install it in your test enviroment you really should way the 90+ days for the product group to OK it. This will cause less Support calls to Microsoft and problems in your hiearchy.