I have the same problem.
Launching from the menu, i see it in the status bar and then just gone.
Running in a terminal.
$ serpentine
Traceback (most recent call last):
File "/usr/bin/serpentine", line 109, in <module>
assert path.isdir(locations.lib)
AssertionError
Linux pumba 2.6.28-11-generic #42-Ubuntu SMP Fri Apr 17 01:57:59 UTC 2009 i686
GNU/Linux
--
serpentine crashed with AssertionError in <module>()
https://bugs.launchpad.net/bugs/350444
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