The alpha version was released last week, after that I fixed a number of bugs and issues. Now if someone check out the CVS, (s)he will find a module which UI is a little bit hard to understand, but the functionality mainly works. I planned to release the beta yesterday, but I didn't do it, because with Alex(the change was his idea and he wrote a proof-of-concept patch) we decide on a radical change. FeedAPI's API part will be changed a little bit. For feed items the usual (and in my opinion, working) processor system will remain. For feeds: every feed will be node by default and when someone wants do create another representation of the feed, he can use the very flexible nodeapi. This change will gain us: presets and handy setting possibilities. Presets: site admins can create a set of settings of all the FeedAPI modules (FeedAPI + implementors) per content-type. So at the end of the week, such a release can be expected with this feature.
I created the developer documentation: http://groups.drupal.org/node/5301
At this week I also have to update the developer documentation as well because of the planned changes.

Comments
*claps*
Feed sources as nodes just makes so much sense. Public / private feeds, the full power of nodeapi...well done.
A beta release was done.
A beta release was done.