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I would seriously look into learning how to install and update your CMS manually.
I have it with a few of my cpanel accounts but for the sake of making it a little easier you increase the chances of an exploid.
It's bad enoguh having to make sure scripts are as tight as possible, but fantastico may one day also be a target.
I have never heard of any real fantastico exploits but it's something that can't be overlooked.
I can see where this wouldn't be something that would be used on heavily hacked or customized scripts, but for your average New to the Web webmaster wouldn't this be a helpful tool to keep scripts installed and updated? The update procedures on some of those scripts is not always that easy or well documented. Maybe the newer webmaster wouldn't take the time to do a full script update, but using a system like this all they'd have to do is confirm with a few mouse clicks.
I'm playing devil's advocate here. There are obviously issues that need to be carefully considered when using a system like this. It would be pretty easy to argue that a system like this has a lot of benefits for the less-experienced webmaster in terms of security.