Hey,
This module works quite well for me. One thing though; if two users add the last item of a certain type into the cart and one checks out, the other user only finds out that it's out of stock when they submit their order (so after writing down address, credit card information potentially, etc.). In my opinion, there should also be an inventory check on the checkout page itself, and maybe one on the review page itself.
Thank you so much for this module. I hope my girlfriend's website gets enough business that it will become useful soon ;-).
Thanks,
Teran