That thing is an accident waiting to happen. It stores every email, messenger convo, cache, etc on your pc. Privacy issues abound and I'm sure the spyware guys will be all over this.
For instance, you sign up to a sponsor and get a confirmation email. Your user / pass is sent to you and archived on your pc. A quick search for that password will show everything you've ever typed it in whether a log to a programmer, an error trying to get into a mysql database, other emails, etc. I can see the spyware guys all over this just downloading the archived info from peoples computers.
Google.
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