Currently testing it, it has been running for 30+ minutes and it said it'd take about 11 minutes. I'll let it run for one more hour since my dvd drive is very busy, and the program seems to be working. edit: it took about an hour to complete.
A progressbar would be nice, or somekind of activity indicator, and more osx friendly colors are welcome as well

update: image succesfully created (after 2 hours), I'll test it tomorrow.. seems like this app is working quite well!

Thanks ritalin