I like lots of things about this plugin, not the least of which is the dedication and support offered by the conscientious author/s. Unfortunately, I had to abandon it. In Josh's defense, the problem seems to be with the WP editor. As long as I've got the Visual Editor activated (under admin/Users/Your Profile/Visual editor checkbox) all or at least some of the quirks that exist with regular TinyMce usage persist when utilizing Ultimate TinyMce. Eg. if I try to add spaces (either using the spacebar or adding ) to my text and switch back to html mode, those spaces are stripped out. In my case, it's a necessary part of how I set up my page design. I have to avoid the visual editor completely.
Josh, if you have a response to this I'd love to hear it. You do great work.