It's correct, latest patch and latest CAW don't work together again. But there is a solution:
-Open the installed foulder of latest EP or SP you have and find Default.ini file. Usually it is in in Program files/Electronic Arts/The Sims Generations/Game/Bin.
-Doubleclicking on default.ini should open it in Notepad.
-Do the same for CAW - find default.ini in installed foulder Program Files/Electronic Arts/The Sims Create a World Tool
-Doubleclick that file too to open it.
-Scroll down to the last text in both files. In CAW default.ini you should see this text:
[Version]
languages=en-us,fr-fr,es-es,es-mx,de-de,it-it,nl-nl,sv-se,da-dk,no-no,fi-fi,pl-pl,pt-pt,hu-hu,cs-cz,pt-br,el-gr,ru-ru,ko-kr,zh-hk,ja-jp
GameVersion = 1.11.12.012037
CompatVersion = 12
WorldBuilderCompatibilityVersion = 9
While in Sims 3 file (with Generations as latest EP) you should see this:
[Version]
languages=en-us,fr-fr,es-es,es-mx,de-de,it-it,nl-nl,sv-se,da-dk,no-no,fi-fi,pl-pl,pt-pt,hu-hu,cs-cz,pt-br,el-gr,ru-ru,ko-kr,zh-hk,ja-jp
GameVersion = 8.0.152.011001
CompatVersion = 11
WorldBuilderCompatibilityVersion = 8
As you can see, CompatVersion number is different. Change file in Sims 3 foulder CompatVersion into 12 and WorldBuilderCompatibilityVersion into 9. Save and Exit both files.
CAW should be working now.
I'm playing with this solution for more than a month without a single problem. I played with large world, exported it and it is working. It should work for you too. Let me know it you have more problems with it.