...does exactly what it says it will do: it roots your device. What it doesn't do is install a new app called "root", install a new operating system interface ala Go Launcher, or do things that are super obvious right at first.
What should have changed is your boot process... if you power down and then reboot your kindlefire after performing the kindlewater root:
you should boot to a logo that is like a yellow caution sign for drivers with a flame in the middle: this is a logo for something called firefirefire. along the bottom of the screen (the side with the power button) should read the words: Hit power to enter recovery
and of course when you do hit the power button, it will turn orange, and then your kindlefire will enter recovery mode, which in this case is a program called CWM by JCase. In it, your kindle looks kinda like an old dos machine only you can navigate the red text menu choices with your finger on the touch screen.
Beyond this point, I haven't gone. I still need a guide to help me out with flashing a ROM of an updated version of Android such as Cupcake or Ice Cream Sandwich, but I haven't gotten that far yet.
I do think the kindlewater app is both super simple (awesome!) and likely to stump people because it does require a reboot before the changed bootmode and presence of the "recover" app are seen.
anyway, just my two cents.
And, I too am a big device-fiddler. But when I'm not doing that I'm swimming about 1.25 - 2 miles a day. because there has to be a reason to go outside...