I downloaded the devcoin client in the OP.
Overall, it seems okay so far (indexing the ~118K blocks will take much more time). However, there are some minor cosmetic errors:
1. The taskbar logo, the window icon and the "About Devcoin" logo are I0Coin.
2. In "Sign/Verify Message", the "Devcoin addresses" are actually I0Coin addresses.
3. "Pay To" says "Enter a Bitcoin address".
Other than that, I don't see any major problems. I'll wait further until the reindex is complete to update this post.
I had to restart the client after reindex was completed to get the new blocks to show up. Other than that, things seem to be working fine.
18:28:44

getinfo
18:28:45

{
"version" : 80501,
"protocolversion" : 70001,
"walletversion" : 10500,
"balance" : 45000.00000000,
"blocks" : 118801,
"timeoffset" : 2,
"connections" : 8,
"proxy" : "",
"difficulty" : 468145620.50036091,
"testnet" : false,
"keypoololdest" : 1378797514,
"keypoolsize" : 101,
"paytxfee" : 1.00000000,
"errors" : "This is a pre-release test build - use at your own risk - do not use for mining or merchant applications"
}
Memory usage
New: 59.6 MB
Old: 224.1 MB