I did end up testing it last night. I did a fresh retail install of 4.0.2 without a license, then did an upgrade to this nulled 4.0.4. It updated the system, forums, and cms, and then from the control panel I could install the rest of the apps. As for the chat app, that connects to IPS servers so it was left out. This is what they said about it on their site:
"Release of the IPS 4.0.4 null with all apps except chat 'cause it needs the IPS servers to work. "
Even Nexus works in this so it appears to be all good to go!!