As of ST2 2.0.1 (build 2217) the use_tab_stops setting no longer functions properly for me.
Using the following Python-specific settings:

{
    "tab_size": 4,
    "translate_tabs_to_spaces": true
}

Although pressing tab continues to insert the proper amount of spaces up to the next tab stop, backspace no longer deletes to the last tab stop.
Changing “use_tab_stops” in default, user, and Python-specific settings files seems to have no affect.
I can revert to 2.0.0 (build 2210) and everything works fine again.
Running in Windows 7 x64.

Edit: I refer to my Python specific settings because I was writing Python when I noticed the problem.
However, this problem seems to exist regardless of what syntax that ST2 is set to.

Same here. The bug appeared in 2213, and it occurs when there is text before the cursor on the line.

Example (| is the cursor, tabstop 4, using spaces):

foo     |bar

In 2212 pressing delete results in:

foo |bar

In 2213 and later, we get:

foo    |bar

use_tab_stops was changed such that backspace will delete to the next tabstop only if there’s whitespace from the beginning on the line to the caret: this is less surprising behavior in general. Unfortunately, there’s no setting that will restore the previous behavior.

Ahh, that make sense then.
Although I totally understand why backspace normally wouldn’t match tab stops in the middle of a line, I actually use it to position end of line comments most of the time.
Is there any possibility of adding in a small setting that allows this functionality?

For me this is surprising, even though other text editors have the same behavior. Can you please give us a setting so we can at least decide which behavior we prefer?