Yep, same deal in Beta 2 (x64 VM under Karmic) here:

ejwaxx@lucid-test-platform:~$ emerald-theme-manager
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-CRITICAL **: g_array_remove_index: assertion `index_ < array->len' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_hash: assertion `G_IS_FILE (file)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-CRITICAL **: g_array_remove_index: assertion `index_ < array->len' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-CRITICAL **: g_array_remove_index: assertion `index_ < array->len' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_hash: assertion `G_IS_FILE (file)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GIO-CRITICAL **: g_file_equal: assertion `G_IS_FILE (file1)' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-GObject-CRITICAL **: g_object_unref: assertion `G_IS_OBJECT (object)' failed
(emerald-theme-manager:1367): GLib-CRITICAL **: g_array_remove_index: assertion `index_ < array->len' failed
**
Gtk:ERROR:/build/buildd/gtk+2.0-2.20.0/gtk/gtkfilesystemmodel.c:330:node_set_visible: assertion failed: (row < model->files->len)
Aborted (core dumped)

ejwaxx@lucid-test-platform:~$ apt-cache show emerald
Package: emerald
Priority: optional
Section: universe/x11
Installed-Size: 1408
Maintainer: Ubuntu Developers <email address hidden>
Original-Maintainer: Nicholas Thomas <email address hidden>
Architecture: amd64
Version: 0.7.2-0ubuntu3
Replaces: cgwd, gcompizthemer
Provides: cgwd, gcompizthemer
Depends: compiz-plugins, libdecoration0, libatk1.0-0 (>= 1.29.3), libc6 (>= 2.4), libcairo2 (>= 1.2.4), libemeraldengine0, libfontconfig1 (>= 2.8.0), libfreetype6 (>= 2.2.1), libglib2.0-0 (>= 2.16.0), libgtk2.0-0 (>= 2.8.0), libpango1.0-0 (>= 1.14.0), libwnck22 (>= 2.22.0), libx11-6 (>= 0), libxrender1
Recommends: emerald-themes
Conflicts: cgwd, gcompizthemer
Filename: pool/universe/e/emerald/emerald_0.7.2-0ubuntu3_amd64.deb
Size: 266086
MD5sum: c184e392d69d28722ccccffa37fc1dbc
SHA1: 680f3855f07ddae67e51419c68445d4aadc9ef6e
SHA256: 8805d5bf2d40ad6f1633bcbfc170cc87aebe28129b6e5a04e836ece55847824d
Description: Decorator for compiz-fusion
 This package provides a decorator for compiz-fusion and a themer application
Bugs: https://bugs.launchpad.net/ubuntu/+filebug
Origin: Ubuntu

This may just be an issue of cosmetics, but I like my cosmetics.  At the risk of being overly dramatic, this is a deal breaker for me in updating to Lucid if not corrected.