Just a low priority 'issue' which might panic a few users....
With REGIONS in the back-end you have COUNTRIES and STATES (great)... if you click STATES on the menu you'd expect (I think) to see all the STATES you've set up... but it defaults to the first country and if there's no states set for that you get the "No States - Do you want to initialise them" message.
So I think when you click STATES on the menu it should show you all states with the filters at the top allowing you to filter by COUNTRY?
Not a big deal but I panicked when I hit states and thought I'd lost everything I'd set up!