What is your definition of "production ready"?
If it is "can I build an app with it", the answer is yes. I've build my first one the end of december last year.
If it is "is it bugfree" the answer is probably no. The first rule of software development is "there is always one more bug". But that shouldn't stop you, we're very quick in fixing bugs.
The current version 1.1 is in RC1 at the moment, and an RC2 is about to be released. RC's mean we have a feature freeze for that release, we will only do bugfixing. This means a formal release of 1.1 is on the way, which you can regard as a stable release that you can base your applications on.
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