I have done the hack and have had no problems whatsoever. I am using Adaptec Easy CD Creator for my data CD burning, and Musicmatch Jukebox for my audio CD burning.
According to the web page I found (don't have the URL since I had to reformat lately due to an unrelated problem), there are two methods to doing the hack: one uses the regular Ricoh flash program and an executable to modify the actual BIOS bin file so the Ricoh flash program thinks it is the correct update file; the other uses its own program to flash the CDRW BIOS instead of the Ricoh flash program. I used the first method because it requires less manual intervention (the Ricoh program is fully automatic, requiring little or no user input once started), and I prefer to use the manufacturer's programs whenever possible for compatability issues.
I unfortunately didn't save the files I used since I have no intention of ever flashing the firmware again (if it works, leave it alone).