This is a really nice ChatRoom, I purchased and installed yesterday wtihout problem, theres just a few things holding it back from being the complete chat solution for my users.
True Autologin Right one the first visit to the chatroom you haveto enter your username and password, the fields are already filled with "username" & "*****" which does not clear when the fields are clicked upon, this has confused some of my older users, so have a true autologin whereby the vbulletin username and password are entered automatically and you go straight into the chat on clicking the link would be great.
Emoticons This was one of the biggest disappointments with this chat, right now each emoticon takes up it's own line so "Hello

Hows Everyone

" takes up four lines rather than just one.. for now I've just disabled the parsing of emoticons by commenting out the str_replace in the chatroom.php but it'd be nice to have this fixed in the next version.
Multiple Rooms It'd be great to have the option to create password protected rooms away from the main room for staff chats or whatever.
Chatlogs We used Flashchat previously and one of it's more useful features was being able to save a log of the complete chat, this was great for our weekly staff chats as we could then post the transcript in the staff forum for those that missed the chat we are really going to miss this feature so if it could be added it'd be great.
And that's about it.. I'd say right now it does what it says on the tin in a lightweight manner using a very nice interface.. It is just a few steps away from being an excellent chatroom for us..