Short answer: NO, unless you really need it and you really know what you are doing.
WMF 3.0 is known to be not compatible at all with Exchange Server (both 2007 and 2010), at least until further updates are released for these products; also, although this is not yet officially documented, it has been found to wreak havoc on SharePoint 2010, and to break Small Business Server 2008/2011.
I've also personally experienced it completely and utterly destroying System Center Configuration Manager 2012, and breaking both the setup and the Configuration Manager for SQL Server 2008 R2, which, after its installation, started failing with loud complaints about the WMI service not being available (although it was actually running fine).
Last but not least, once WMF 3.0 is installed, it can become very hard to remove it, because its uninstaller has quite a real chance of failing, leaving your servers in an inconsistent state which usually requires a full O.S. reinstall to get them up and running again.
Be very, very, very careful with this update.
Update: apart from known compatibility issues with various programs, it looks like installing WMF 3.0 can (sometimes? often? always?) completely destroy WMI. Well, this sure explains why nothing seems to work anymore after installing it...
Best Answer
In Server 2012, go to Add Roles and Features. If you have not installed the Web Server Role, be sure to select that from the Server Roles section. When you get to the Role Services page for the Web Server Role, you will have the option to select IIS 6 Management Compatibility.