Here is a tutorial that will help you get the most milage out of the beat wizard.  It has some tips and hints to get the beat wizard to perform when it has trouble finding the beats correctly.  

This is just from my personal experience.  The microphone I used was very poor, so there are some audio issues occasionally.  I submitted the original video on the LOR forums around 3am, so the initial copy had several issues like transitions cutting me off mid sentence.  I have since fixed several of the minor issues.  If you'd like to view the original post, please visit http://lightorama.mywowbb.com/forum72/16195-1.html.  You might some other helpful hints and tips there. 

Video:

High Resolution (32 meg) 
Low Resolution (15 meg)