Extremely buggy in Lion. Settings don't change when going bank and forth from day to night mode. Support for spaces is buggy. Adjusting the white point color in Tint Colors is almost impossible. Adjust screen brightness is useless.

The one thing I wanted it to do doesn't work. It does not reduce screen brightness on my 24" NEC monitor.

I was intrigued by the comments about a version 2 and decided to look into this. Nocturne is open source and development progresses now on Google code:
http://code.google.com/p/blacktree-nocturne/

That's why the Blacktree site hasn't been updated.

That looked valid enough for me to try the new version. It now has options to dim the menu bar. I like it ;-)

This is an awesome app. The ability to choose different colors for black and white really sets this app apart from others. I always liked using grayscale for general computing however the universal access grayscale is really harsh to look at for a long time. By choosing softer colors rather than pure black and white means I can get the display looking exactly as I like it.

Thanks to the developer Blacktree who also made Quicksilver.

Cool app, a few comments:

The options only seem to work on the main monitor. Secondary monitor is inverted, but color tint only happens on main screen.

Brightness control didn't work for me.