Current status of Import/Export API?

I think this project could be one of the most important developments in Drupal. I noticed that most of the documentation points to this as a beta project.

Could you provide a summary of its current status?

1. How "beta" is it?
2. Does it work with Drupal 5 and CCK?
3. How hard is it to keep up with the data changes in CCK?
4. Is this a candidate for SOC 07?

Thanks for all your hard work! I too, think this should be part of Drupal core.