According to the author of the article at PC Magzine called New Windows Utility Claims To Bypass UAC, this is not a good utility and it makes computers vulnerable.
When users try to install the software, it will require Administrator access. Therefore, users has to trust the program whether it’s a legitimate program or a virus/malware.
What the iReboot authors did to make this software work what it is suppose to do is that they rewrote the program into two halves. One is a Windows service and the other is a user mode interface.
Source: PC Magazine

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Not a surprise, I’m surprised it took this long though.
Bypassing UAC does not require a program. Its easy enough to do either in the registry or the control panel.
Should you bypass it, no you should not, way to many websites are compromised to be running as an admin without UAC.