I also am having this same problem. My Oracle login is not the owner of the Schema that I am trying to diagram. When I get the connection setup in Visual Studio connections, and then change the filter to allow the schema that I want to target, I can see the tables. When I use the EDMX model reverse engineering designer, the connection is used, but the wizard cannot see the tables in the schema that is being used, and no tables show up in the wizard to choose for the model. This appears to be a problem with the server connection being able to honor the tables and show them (prepended with the schema in parens) but the wizard is not using the filter and only trying to find tables and views in the home schema.
I would be happy to show screen shots if there is a place to upload them and show what the differences are from the video.
Yeah, in VS 2012 it doesn't work properly and ignores the settings. The only 100% reliable workaround I've found is to recreate the table structure in a dev environment somewhere, and then login as the schema owner in EF to do the table updates.
Obviously that's a PITA, but it does work.
This goes back to the old issue of Oracle's defaults being bad, in that they hide the other schemas by default and flat out break the ability to update models in cases like this. The default desperately needs changing so that it works out of the box.