Using it right now... It's quite a solid release, and feature wise, looks to have everything I would need in a Word Processor... My one complain (so far in limited testing) is it's MS Word compatability... It opened my Word v. X files OK, but the formatting was all wrong. Hopefully this is one of the areas they will continue to work on during the beta period.
Another area that it seems to be lacking in is templates. Maybe these aren't included in the beta but slated for the final release... But part of the lure of Word for casual users (like my wife), is the ability to use a template for certain types of docs, and quickly change to fit their needs. No reason to reinvent the wheel for fax cover sheets and other common docs...
But, I'm pretty impressed so far. With this and a soon to be released new version of AppleWorks (or AppleOffice), our choices have just doubled!