Extensive testing on this today using WP3.0.1 and PHPBB3.0.7-PL1 shows erratic behavior regarding logon/logout and creating of accounts.
I’d say this plugin is not working well enough to actually be considered stable. It works. Sometimes. Not always.
And to be honest if you’re going to have a bridge, it needs to work, otherwise you’re better off just explaining to users that they will need to register twice. 🙁