This is still in Alpha, we are working on making the experience smoother.
Make sure you are running 0.1.27
As for the black screen, currently a known issue that seems to occur before caching is done.
As for compatibility, I firmly stand behind supporting all Raspberry Pis, though it probably works best with 512 atm
I'm running on an original B, but the site mentions nothing about the split - so maybe it only works on the 512mb models (I really wish they had changed the name, though the site says "A Raspberry Pi mini-computer" is required, and I doubt it works on the A, so they don't seem to be explicit any way).