My main reasoning for staying in beta is that I'm still adding new features, refactoring the programming, and I don't have a great way to test it on anything except my development site. I don't use WordPress enough in my work life to get a chance to test plugins on different setups.
Generally, the plan is to get all my planned features into 1.3, let it sit in beta for a little bit so people can report issues, then make an official release.
While in beta, I recommend Deactivating and Activating the plugin after each update. WordPress devs are warring right now over properly handling plugin upgrades, so there isn't a standard solution to it yet. In 1.3 I plan on implementing my own upgrading solution to take care of this issue.
If you're interested in helping beta test it, we would really appreciate the help. The biggest concerns I have at the moment are dealing with Page queries, and a new feature coming in 1.3 called overrides. I can give you more details if you're interested.
I've build a forum for discussions and tutorials. It's a little bare at the moment, but I plan on making a lot of new screencasts and tutorials for both this and widget wrangler when the new version of that is ready.