Beta 2 is fantastic. I was a cynic at first, but well, I'm getting won over. I'd pay for this, now. Obviously, I'd like to see more DAM tools, but then again, I'm perfectly happy with iView MP3. And I'd like to see .PSD output / roundtrip editing.
But as a RAW converter, well, wow. It implements the ACR technology far better than ACR. Unfortunately, it still has "issues" with Olympus RAW files (only Olympus & PhaseOne seem to have got the hang of them, so far), but for my new Lumix LX1, is absolutely amazing.
Production quality at Beta 2.....