List of possible pitfalls wrt ZeroCash/ZeroCoin:

-If ZeroCash/ZeroCoin is launched on behalf of a company, which seems the case here, the company can be given a gag order (e.g. to add a line of malicious code).
-If I recall correctly, the creator of the genesis block holds some kind of masterkey. As a result, you have to trust this person. Even if this key was held by a group, you still have to trust that particular group. In addition, you have to trust the program they run to create the Genesis block (the masterkey could be in there).
-It's too opaque in my opinion. If a bug existed that would create additional coins, there is no way you would see it.
-The math and cryptography backing it isn't peer reviewed yet and in an infancy stage.

That said, I am still interested in the progress and I also think it would be a good bet to hedge yourself a bit. One last remark, the last time they said they would release something within the next 3-6 months, they completely missed the deadline -> https://twitter.com/secparam/status/468784402558771200 (20 May 2014)

FWIW: The 2nd "scarewall" got bought as well, asks down to 282k. I hope we are able to stay above 100k sat.

EDIT: