It works fine, I put it into the minecraft.jar and start it up. It runs the initial installation, and then I get a black screen.
LOG:
2012-10-24 20:26:52 [iNFO] [ForgeModLoader] Forge Mod Loader version 3.0.196.366 for Minecraft client:1.3.2, server:1.3.2 loading
2012-10-24 20:26:52 [FINEST] [ForgeModLoader] All core mods are successfully located
2012-10-24 20:26:52 [FINEST] [ForgeModLoader] Discovering coremods
2012-10-24 20:26:52 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/argo-2.25.jar
2012-10-24 20:26:52 [iNFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/argo-2.25.jar
2012-10-24 20:26:53 [FINEST] [ForgeModLoader] Download complete
2012-10-24 20:26:53 [iNFO] [ForgeModLoader] Download complete
2012-10-24 20:26:53 [FINEST] [ForgeModLoader] Library file argo-2.25.jar was downloaded and verified successfully
2012-10-24 20:26:53 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/guava-12.0.1.jar
2012-10-24 20:26:53 [iNFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/guava-12.0.1.jar
2012-10-24 20:26:54 [FINEST] [ForgeModLoader] Download complete
2012-10-24 20:26:54 [iNFO] [ForgeModLoader] Download complete
2012-10-24 20:26:54 [FINEST] [ForgeModLoader] Library file guava-12.0.1.jar was downloaded and verified successfully
2012-10-24 20:26:54 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/asm-all-4.0.jar
2012-10-24 20:26:54 [iNFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/asm-all-4.0.jar
2012-10-24 20:26:54 [FINEST] [ForgeModLoader] Download complete
2012-10-24 20:26:54 [iNFO] [ForgeModLoader] Download complete
2012-10-24 20:26:54 [FINEST] [ForgeModLoader] Library file asm-all-4.0.jar was downloaded and verified successfully
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Running coremod plugins
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Running coremod plugin FMLCorePlugin
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Coremod plugin FMLCorePlugin run successfully
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Running coremod plugin FMLForgePlugin
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Coremod plugin FMLForgePlugin run successfully
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Validating minecraft
2012-10-24 20:26:55 [FINEST] [ForgeModLoader] Minecraft validated, launching...
2012-10-24 20:26:55 [iNFO] [sTDOUT] 27 achievements
2012-10-24 20:26:56 [iNFO] [sTDOUT] 195 recipes
2012-10-24 20:26:56 [iNFO] [sTDOUT] Setting user: starfleet1701, -2737712393098583046
2012-10-24 20:26:56 [iNFO] [sTDOUT] LWJGL Version: 2.4.2
2012-10-24 20:26:56 [iNFO] [sTDERR] Exception in thread "Minecraft main thread" java.lang.NoSuchFieldError: ofCustomFonts
2012-10-24 20:26:56 [iNFO] [sTDERR] at aov.getFontTexturePack(FontRenderer.java:285)
2012-10-24 20:26:56 [iNFO] [sTDERR] at aov.init(FontRenderer.java:135)
2012-10-24 20:26:56 [iNFO] [sTDERR] at aov.<init>(FontRenderer.java:118)
2012-10-24 20:26:56 [iNFO] [sTDERR] at net.minecraft.client.Minecraft.a(Minecraft.java:403)
2012-10-24 20:26:56 [iNFO] [sTDERR] at net.minecraft.client.Minecraft.run(Minecraft.java:737)
2012-10-24 20:26:56 [iNFO] [sTDERR] at java.lang.Thread.run(Unknown Source)