The process hasn't been totally painless, however (I should mention that I'm using Reconstructor 2.8.1.):
- I ran into a squashfs bug, which required updating squashfs-tools to a newer version than is currently available in Ubuntu's repositories.
- In the main Customization interface, there is an Apply button above the Next button. When I first starting using Reconstructor, I assumed that when you click Next, your settings are automatically applied, but that is not the case. You must click Apply or else your settings will be lost.
- If you select a custom Gnome background color, Reconstructor seems to increment it each time it is launched. For example, I configured my background color to be #486ac1. The next time I opened Reconstructor, it showed the value as #486ac2. The next time I opened Reconstructor, it was #486ac3, and so on.
- As with any LiveCD, there is always the issue of space--one has to balance having every remotely-useful tool available with the size limitation of a 700MB CD. Reconstructor helps somewhat in that it estimates the ISO size before generation, but this estimation isn't always accurate. You still may have to fully generate the ISO before you know for sure that it is under 700MB.
Overall, Reconstructor is a very good tool. If you can work through the minor issues detailed above, it is the easiest way to build a fully customized LiveCD. I look forward to the upcoming Reconstructor 3.