I have the same problem. My device is hanging on Taboonay , now CWM is available
I did wipe trick with volume up and hold turn on. The process started, but hanging on erasing cache
What I did:
1) I viewed with usbview my CPU ID
2) I started EUUs_SBK_Acer_A501_0.017.01_PA_ATT.exe
3) after the files were extracted I changed the file with CPUID with mine, and 0 before the numbers, so it is 0x03806148420063d7
4) When the software asks to connect the device in emergency mode, I connect it in emergency mode. In the system it is shows as Acer Picasso USB boot recovery
But: in Windows XP the utility says it can't detect the device. I tried another notebook with XP, but it is the same
5) I tried to use the utility on another notebook with windows 7 x64 maximum, but when the process begin after 3 seconds it give the error, I pushed retry and then I see entering acer download mode on device.
6) The process started but after 10% it is hang on.
No root is on device.