After having issues with this utility some time ago (under OS X 10.7 and Aperture 3.1) and parking it all in the 'too hard' basket', yesterday I gave it another shot.
When I first launched Aperture Inspector [AI], Adobe Air wanted to install an update. I ignored this for the time being but after 12 hours AI was still spinning so I quit it and installed the Air update. I also rebooted the machine which is now running OS X 10.8 with Aperture 3.3.2. This time when AI launched it wanted me to register. It had previously been successfully registered. Fortunately I had my original registration information handy from Maccreate days. However, cutting & pasting this code into the appropriate field and clicking the REGISTER button results in the b/s response 'UNDEREXPOSED. TRY AGAIN'.
Continuing in demo mode doesn't include all my gear costs that I had set up. It also only works for 3 days.
So what is going on? And, is this product still being supported? I see that version 1.11 still has all the same typos in it that I reported nearly a year ago.