It appears that my issue with the 0.4 to 0.5 upgrade was caused by the missing theme icons that were added in v0.5.
Missing files prevented the themed OS from loading and resulted in being stuck on “Loading” screen.
Anyway, copying the files below over from /home/cpi/launcher/skin/default to your favourite theme folder should solve the problem:
sys.py/gameshell/icons/add.png
sys.py/gameshell/icons/app.png
sys.py/gameshell/icons/appdling.png
sys.py/gameshell/icons/ware.png
sys.py/gameshell/titlebar_icons/dlstatus18.png
I have updated my dark theme (and styled new icons) accordingly, so it now works with clockwork OS v0.5