Things became weird, so I decided to remove all the SMEstorage tools and install from scratch using the latest versions. Currently I am running v1.53
I think main problem is because of the security setting of OSX Mountain Lion where it doesn't allow software (or system preferences) to be installed when the software developer is not known (see screenshot). I have upgraded to Mountain Lion while I had SMEstorage tools installed.
SMEFilesystemRW.app can't be opened because it is from an unidentified developer.
Your security preferences allow installation of only apps from the Mac App Store and identified developers.
I have changed my security settings to allow software from any source and now it is working.
Any chance you add the Cloudtools to the App Store?, I don't like to set my settings less secure than needed. And I like to receive automatic updates via the App Store