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I wanted to give Icaros a try - downloaded Live - and only the latest menu entry allowed to boot it at all. Choosing first or second one results in complaining of my monitor: "mode not supported (H:90.1 kHz, V:60.1 Hz). Then the machine seems to be hung (had to use hardware reset). Choosing the third one shows some boot messages, but stops loading on "[packet] couldn't open bsd.handler" message. The last one booted successfully - but it looks awful, of course, in 16 colours.
It doesn't seem to be prepared to run on somewhat older hardware - most probably it requires rather recent monitors to try it. When switched to rather modern Gateway monitor, I could see boot messages in all available boot modes - still it doesn't work.
Mobo Gigabyte GA-M56S-S3, Sempron64, ATI HD5450 (Tried also with Nvidia on that second monitor).
IMHO it could be somewhat better tested before making a release, and such "demanding" graphics modes shouldn't be used for "live", where I can't tweak configuration file - since it's written on DVD-ROM. It just either will work, or not (and this time it isn't).