I remember a discussion in the newsgroups I think about this app and asking for a feature like this in IP. One thing I'd really like is the ability to change folder icons with IP and they somehow get saved with the theme, so when I re-install I don't have to go back and change again all the time.
Personally, I'll stick to IP and doing it by hand. I'm sure there are some good things in the app, but considering you can change a folder icon with a couple of lines of text and an icon file (in XP anyway) these seems rather pointless. But you can never have enough programs to choose from