That was the problem that TyleR and I were having on his website. It works great on my website;
http://mifbody.com/vbulletin/index.php but when we tried to run it on his, it wouldn't update. This is why he put it as being in Beta, because we were still trying to figure out why it works perfectly fine on my 3.5.x but not on his. It was 4am, so finding help in an IRC scripting channel wasn't working very well, he threw it on here hoping it would work for everyone else even though it didn't work for him.
sensimillia -
As far as integration with the chatrooms; technically this script should work regardless of whether you even have a chatroom installed onto your site. mIRC is an IRC program that has a very friendly scripting language programmed into it. The ircon_al and ircon_rm is the scripts that run in mIRC, and they record what's going on in the chatroom and then sends an update to the irconline.php script on your website, telling it what has changed in the chatroom. Due to this, it really doesn't matter whether you have a chatroom installed or not because regardless it still is going to get the updates from the mIRC script, and it's still going to update irconline -- just not having a chatroom installed means less users

Anyway, to answer specifically, yes it works with Jeta's IRC chatroom as that's what I have on my website.
EasyTarget -
This won't work with Trillian that I'm aware of. The scripts that come with this; ircon_al.txt and ircon_rm.txt are mIRC specific scripts that run through that program.
theArchitect -
You need to have atleast one person on mIRC that runs this script. Personally, I have a second computer that I've deemed our "server computer" that runs 24/7 with the mIRC program running. I have what's called a "Bot" installed on this mIRC program, it's like an eggdrop type of deal if anyone's firmiliar with it, where it has chatroom commands and plays trivia and such like that. So for me, all I had to do was load the two scripts into my mIRC bot, and tada now my website will have 24/7 monitoring as long as that mIRC bot is always idling in the chatroom.