Upgrading from a beta version to final version of any of the RealWorld Designer applications is more complicated than simply upgrading from previous to a new version.
To properly upgrade from a beta version do the following:
On Windows Vista: C:\Users\<user_name>\AppData\Roaming\RealWorld\RWIconEditor.rwdb
On Windows XP: C:\Document and Settings\<user_name>\Application Data\RealWorld\RWIconEditor.rwdb