Also, make sure your backup battery (on your IFI RC) is fully charged - as it comes in the kit, the backup battery is nearly dead. Sure, the CMUCam2 probably has power, and I even got it to connect once, but there isn't enough juice to carry on a meaningful conversation with the camera.
As long as your COM port is correctly selected within the app (COM1 is default) you should be good-to-go.
Are you still having problems?
-Danny