>So what are the problems with IDENT_CURRENT that I should be watching for?
>
In theory, if something (another process) inserts a record after the tableupdate but before your code retrieves the key, you may get the wrong key.

The possibility is not big, but under the high-concurrency it's probable.

BTW, I recommend to read this quite long, but excellent article by Alexander Kuznetsov:

Developing Modifications that Survive Concurrency