I do find early AM fat finger syndrome to be the more frequent cause of data loss compared to Wakemate bugs, but they do crop up.
I feel for the dev - I'm in similar shoes (although I do have a Blackberry co-developer, switching between those two environments is not fun). Sometimes it seems like the only similarity between Java on the two devices is the name.
Hopefully they get the client where it aggressively saves regardless. That's all I ask - I hate losing data more than I hate missing the wake up time. Android very often kindly unloads things, and a combination of being on the original Droid and having some fairly memory intensive apps constantly resident isn't helping my situation, but I don't think I switched off of the app, I just checked the time, so Android shouldn't have killed it.
There's definitely some fat-finger protection the Android client could add. And moving / copying the four options on the main screen (account, ringtone, etc) to the menu would have helped solve a lot of my initial installation frustration - I had to search for how to change the ringtone.
I'm still optimistic about the product. It woke me up perfectly yesterday (although I don't know how much of that was due to anticipation).