However, can someone tell me where those .mat files it says it's saving are saved? I've looked in the directories they're supposed to be in, nada.
It seems to spray files all over the hard drive more or less at random, but will usually put the .mat files in the same directory until you change something. Try using search and looking for *.mat. You should be able to find them that way. That's what I do anyway.
Currently, it's placing them in C:\Documents and Settings\Walt\My Documents\3dfibs\jf_mat\ but previous versions saved them elsewhere. I expect that this will change again next time I change settings or version.
As for robustness, v4 seems more stable than v3 - it's not really a problem as far as I can tell. Remember that it's free...