The developer has done an excellent job of addressing every single problem that I mentioned in my previous post.

Now that it is possible to prevent the computer from going to sleep when you close the lid, this program has become invaluable.

Two things I would still like to see implemented:
1) The volume should be completely locked when the "Screen Lock" is on. I know that it is possible to disable the screen brightness and volume keys, because Apple does this when your screensaver appears (if you use a screensaver password).
2) To reduce Dock clutter, I still like the idea of having this program run in the menu bar or run invisibly in the background and accessed through a keyboard shortcut (similar to QuickSilver.) But this is just a personal preference.

Thanks to the developer for an otherwise outstanding product.