Comment 4 for bug 1209124

@Anton:

The fix that was released is the addition of Intel 7260 Bluetooth firmware for device ID 8087:07dc, which has been shipping in Ubuntu since at least Saucy.

It doesn't mean that Bluetooth is fixed. Bluez (and/or the kernel's Bluetooth stack) still doesn't handle the setup properly because, thanks to bad design by ASUS, the Bluetooth hardware is poorly integrated on the UX301 models. See:

http://askubuntu.com/questions/396021/what-is-causing-my-intel-7260-bluetooth-device-to-disconnect-when-i-unblock-it-w

The workaround given in the first post of the above link enables Bluetooth, but at the cost of disabling USB 3.0. Another workaround, which was a pain to set up and only gave me occasional success, is to uninstall the Bluez stack and replace it with the Blueman stack, but I really don't recommend that (I've switched back to Bluez).