It does work, but there are steps to getting it running.
Firstly, the program ONLY works with 32-bit clients.
What I did was, I put all the files into my AION folder. Just so I know where they all are.
Make sure your game is updated.
DO NOT launch it by the proper aion.exe. Launch it by the NA/EU batch file. I think this is what makes it launch in 32-bit.
When you're logged in and in the game, alt-tab out and start the aiHACKon. Select your server type which is NA or EU, and click the gear icon at the bottom right. You don't have to, but I do it so I can see if it works properly.
Then check the noanimation box, I find I have to do this to force it to find my character. It should find your character fine.
When it does, there you go. Use whichever options you want. You will have to set hotkeys by clicking where it says "none" and then pressing the key to be used as a hotkey.
Be sure that key isn't in use by AION. So go into aion, options, key mapping and be sure the key you want isn't already used.
Things that don't seem to work that I've tried are no clip, run speed and movepath teleport.
Saying that, I only use this for No Animation. The teleports are fun too, but you can't spam them, otherwise the server keeps resetting your position. I turned the forward and backwards down to 3.0 and I just press it every now and then while running. It's also useful if there is a small fence or object in your way, instead of walking around it, you can teleport to the other side. Or teleport up in the sky and drop on the other side.
Use the latest version, which was uploaded by Simizu20!