I tried it, and I think it's great. Of course, it's still incomplete, but usable, very small and best of all for me, everything fits on a floppy including the compiler.
The feature I was waiting for a couple of weeks is finally there: the use of the command line to get an asm file. I tried to put this function on my own before and it worked, but I had a memory leak. One thing though, perhaps I could help a little, is that it would be good if we could send more than one file on the command line.
Also, one thing that would be good would be the ability to customize the menu with an .ini file, kinda like the qeditor from Hutch.
Continue the good work, I'm becoming more and more a fasm user every week.