My ringtones assigned to contacts still work. But NONE of my made tones show up in the list. The restore function in the software does not work. I guess we have to wait for an iPhoneringtonemaker update to restore full functionality.
I haven't tried to do the update, and I am not going to till the Installer works. It would have been a more difficult descision if the update included something like mms or iChat, seeing as how it doesn't I can hold off. The iTunes store isn't a big deal.