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Saurik released an update to WinterBoard earlier today. However, it is still buggy and if you can, wait to install it.

Issues include:

1. Multitasking interface not working
2. Device may not be recognized by computer if WinterBoard installed
 
Another update:

Saurik released another update to WinterBoard today to fix the multitasking issue. However, user wallpapers still does not work on iOS 4. Since updates seem to be released pretty quickly, that is probably the next thing Saurik is working on.
 
When I install Winterboard, everything appears to be working but I lose the shading effect that you see behind the app names. Does anyone else get that?
 
You need to update to the latest version. That has been fixed already.

I updated Winterboard and now all my icons are gone. I can get them back by getting an app going through Kirikae, but as soon as I tried to hold an icon to move it or delete it all apps disappear again.
 
Yesterday I used PwnageTool 4.01 on my 3G S (which was previously on jailbroken 3.12 also using PwnageTool). For me, WB doesn't work completely. I use the illumine theme; none of the icons work unless I have "Summerboard Mode" toggled on in WB preferences. As others have reported, User Wallpaper doesn't work. Also, hiding icon labels does NOT work at all for me, and there's a strange shadow around all illumine icons.

I also just figured out that I can't seem to get WB to apply a theme I was using in 3.12 to change signal strength & WiFi indicator bars in the status bar.
 
Has anybody seen their battery life go down the drain after installing Winterboard on iOS4? I lost 18% overnight last night, the only change I made was uninstalling Winterboard, and now it's been 3 hours on standby today and it hasn't lost 1%.
 
Thanks Labman, My bad, I forgot the key info, anybody having trouble with the 3g and getting user wallpapers to work in springboard? I only can get it to work for the lock screen.

Thanks
 
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