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I spent a day or so with it yesterday and today. I would consider it to be still in alpha but for one reason only: it simply does not format any ebook format that it supports - everything looks as if it is a text file.
It's a shame, because it has some very nice features (the dictionary on the PRS 300 alone is a very serious improvement, as is being able to select fonts, font size, etc), but the layout issues let it down. Once this is resolved it will be a serious contender but as it stands it is not a true Sony OF replacement.
By the way, not sure why there is this debate about .fb2 on it - it can't format this ebook type correctly neither.
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