I think this question has been asked 20 times and answered 5 in this thread alone.. Currently, it appears safe, it does not exist where VAC looks for it, it is unlikely they will, but nothing is 100% safe ever. All hacks come with a run at your own risk warning, but since this one does not attach to the MW2 core files or inject into the game memory it is the safest it can be.
Please read the thread before asking redundant questions, I would rather War3z spend his time how he wants than answering silly questions over and over.. He is providing a great service and lets let him do what he does best while you read the threads.
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I don't know if it's just me, but when I click on the the hack application, it creates a separate window that doesn't acknowledge MW2. I'm using vista with the aero theme and it did work earlier today.