I would tend to believe
Engadget's later post, calling BS on the original series of posts on this, and stating that the first thing this software does is jailbreak your phone.
I wouldn't fancy touching this one at all if that's correct, which I think it is, as that means you are trusting your jailbreak to Ripdev, rather than the Dev team and Pwnage Tools etc.
When considering trusting Ripdev for your jailbreak, you may want to take a glance at this '
Stay Away from Kate' thread - as that app is also from Ripdev ...