I myself have been using ubericon 1.0.2 and for long... but thought I would visit the site to update it to have more effects.
When I visited I got very happy to see it has lots of effects now.
Then I thought I would update icolorfolder too.
I downloaded iColorFolder 1.4.2 and iColorFolder Additional Skin Pack v1.2.1 then installed them. Changed the generic folder style to vista and changed two of folders color to red.
Then I downloaded and installed ubericon 1.0.4 and all its plugins. Then I restart. There were no problem.
After I restart I see ubericon is not running. I run it and chose 'runaway' effect and marked it to run at startup.
Then it crashed.
After few crashes I could start my windows then I could do my work. But while logging off it again crashed.
Then I boot from my backup pendrive and restore my backup.
You titled the thread "Beware of Ubericon". Why would anyone else want to try it to see if it screws up their systems?
Ubericon is such a cool software. I love it still can't run it. The version 1.0.2 run pretty fine. I guess there might be a bug in 1.0.4 I have asked to report it to its authors on twitter.