Just FYI: this isn't a show-stopper, but an oddity that I ran across.
I have WP 3.4.2, and I updated this plugin to 1.0. Then I got a message at the top of the plugins page saying something like:
"Widget Data - Setting Import/Export Plugin is deactivated because widget_data.php file does not exist"
I looked, and this sort of made sense because the plugin's file is actually widget-data.php (no underscore). I re-activated the plugin and it seems fine now.
I love this plugin, it has saved me loads of time with a couple widget-crazy sites that I was maintaining! Thanks very much!