WARNING: Checkpoint is too old. Wait for block chain to download, or notify developers.
This may be an issue with the checkpoint server being offline, not necessarily a wallet issue. Maybe Tranz or somebody can confirm.
The network doesn't need the checkpoint server in order to function properly. It's just an added security measure.
Correct I will issue a wallet to remove this warning. Checkpoints are now being issued much less frequently. But the network is very good without them.