It's by no means ready to be released, but simply having it is a step forward.
It looks really simple, and that's good. It means that I might even have the guts to try it. I usually have bad luck with hacking so I try to be cautious with new risks.
The boot option menu is also a welcome sign. TouchPad owners will have the option of switching back to webOS by simply rebooting the tablet. They can also switch to other OSes with a simply reboot. (I'm told that Ubuntu works rather well on the TouchPad.)
I'm still torn on whether I want to install CyanogenMod, so I'm thrilled to see this dual boot option. I've taken a deep look at reading on the TouchPad, and I have to say that the limited and marginal quality of webOS reading options really don't inspire any deep affection for webOS.
Yes, there's a chance that the webOS open source community will come up with a better PDF, Epub, and other reading apps, but I'm not sure it's worth the wait. I expect Android to be up and running on the TouchPad long before webOS gets a decent reading app.