yeah.. thats the feeling i got from it too, but i saw in a couple topics people using it, and so far not banned.
keywire has most of the functions needed, could use some new features, and some polish on the blacklist (right now you have to blacklist the key, shift+key, capslock+key, just to get one key blacklisted), but other than that it works fine. thing is the author vanished, and as far as i remember its closed source. if you make a search here on the forums you should find the topic for it.
right now i'm ;( using bootcamp and using keyclone(simply awesome).