I already had a look to the plugin to discover the bug, and i have already found it and fixed it. When you delete all the custom sidebars an empty array was left in the db. When you create a new sidebar the plugin tried to create the option again, but it is already there, so it doesn't work.
Later today you will have the version 0.5 that fixes the problem.
Thanks for the feedback, if i have no complaints i can't discover such things.
About the feature of editing name and description, the description one is easy to do, maybe for the next version, but the name it's a little more complex, because the WP stores the sidebars and widgets in several internal variables, and if the name is changed, it has to be changed also in those variablas and I am very lazy :D