I think you are supposed to hit the back button when you have ICS to make the menu appear.
Scratch that, I can make the menu appear, I just can't assign the circle button no matter what. If tried assigning it many times, but no matter what, the button always opens the menu :/
Edit: I've decided to revert to 0.11.15, as that is working for me. No menu button enabled screws up the key bindings for me