I can assure you running it in #payload setting does cause my PS3 to freeze when switching between apps. I played Borderlands for about 2 hours and no freeze in mode 2 at 0x77. I tested V1.0 on a model CECHG01 with Rogero 4.40 v1.03 and in #payload mode it freezes and I have to hold the power key until it acknowledges power down. I have not had to use the switch to cut it off yet, but after LordGus' story I'm thinking about running it in Mode 2 exclusively. All modes other than payload, even mode 0 which was unbelievably loud, worked as they should. I don't know if this is a phat PS3 issue or if maybe other models are experiencing this?
Edit: I am almost done with the CECHG model and I will put my CECHA Cobra CFW 3.55 to the test with this program and see how it does. I'll post my results here when I have something conclusive. Fingers crossed I don't corrupt my HDD.