I seem to be having a similar experience to what a few others posted:
I 'm on VzW and side-loaded the "original" wallet leak on 4.0.2 stock (unlocked and rooted though at the time). Worked fine, and of course I had the yellow bar at the top with the "unsupported" disclaimer.
Update the phone to the VzW 4.0.4 leak a couple of weeks ago...still unlocked, and since re-rooted.
Tried all the workaround tonight to try to get the play store to allow me to update - going to google play website via unlogged in browser, searching for wallet app, logging in, backing out and select play store, etc. None of that would work. Finally reset the old app, clearing data, uninstalled it and downloaded / installed the new one in this thread. Oddly it took be four tries to log into my wallet account in the new version before it recognized my password -- maybe I'm fat fingered tonight... But...it finally worked, logged me in, restored my $10 balance and all seems happy. In the startup process, it DID prompt me for superuser access -- which I granted.
After all that, I can exit the app, restart, and all seems fine -- and there's no longer a yellow warning banner up top with the "unsupported" disclaimer. Seems that this version, once granted SU status, is happy to operate on my rooted, unlocked VzW GN without showing the disclaimer.
Will give it a try at the store tomorrow...
Jon