1) I don't like how you can see what has been said from before. One, how long would the transcript be based on how long the cache of the system is. The other thing is that something that someone might share with some people and not others is then open for all to see by just going into a room at some later point.
2) The writing is really small.
3) To exit the system you have to actually "leave" the room to exit the chat, not just closing the window.
4) I'm confused about the "Friends Online" thing to the right side of the tool bar. Is that just showing who is on PC at that given point from your friend's list?