All the field handlers that entity API offers are now available in this project. This means entities referenced by entityreference or similar can be rendered etc. I expect Views created with this release will not break in the future but I am not yet entirely sure so I am not releasing this as beta yet. I will add more tests and release the first beta once we have more complete coverage. Especially field API fields with multiple columns need much more through testing.
This is an alpha release. Things should work, in general, but it is not guaranteed any views created with this version will run in any future version. Heck,it's not guaranteed not to burn down your datacenter. It's alpha, right?