Yes, using the 1998 API will still work. But that API will never be worked on again.
Whats this then?
http://msdn.microsoft.com/en-us/library/windows/desktop/dn30...
That's a Win32 API call added for Windows 8.1 to their 1988 API!!!
As for bugs, you've never read "The Old New Thing" blog or played with the compatibility options for running executables in windows? http://blogs.msdn.com/b/oldnewthing/
They actually go as far as fixing all the bugs and backporting the actual bugs to older compatibility layers so software that relies on the bugs still functions properly when you set the compatibility OS version.
Regarding impossibility, there is literally nothing that I can't do with their APIs. Find something and I will show you.