Auto Updater works fine. (I tested today at Feb 26 2013.)
I alt-tab to desktop and hit enter to allow the trainer update after I hit F1 first time. It takes a while for trainer to update than once it is updated the trainer will close and I will have to restart the trainer again.
Once updated, the trainer works for me with only a few exceptions.
No reload does not work. Infinite Ammo works, setting my bullet count at 999. However, make sure to reload before your clip runs out. If you run the clip empty, the bullet count will start to drop as normal, counting down from 999. But even after this start, simply reload before running the clip dry, and it resets the count back up to 999.
edit: Should also state the higher ammo count does not apply for pistols. They function as normal, with normal clip sizes.
4/29 I just DL'd and installed LFD2 from Steam. Installed the newest trainer, created custom keys, ran it. Heard the "activated" but nothing happened, none of the 7 keys worked. After quitting, the trainer did check for an update and took a while to do so. If anything changed, I'll post an update, but this one looks like it doesn't work - how anyone can keep pace with the patches from Steam is beyond me, so thanks for all your great efforts - I really enjoy this LFD series ONLY because of the trainers and how they level the game for me; I'd never finish without "cheating"!