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Alpha 2 represents a ton of work on the systems in general and on the Payment module specifically. Contributed modules may actually begin to integrate payment components into the checkout process, as Commerce PayPal does for PayPal WPS. Transactions can actually be created and associated with orders, and are visible on an order's Payment tab in a View that includes a form for adding new payments. There's still work to be done, but it is now ready for some outside eyes to take a serious look at the way modules will have to integrate with checkout and the payment terminal.
I've recently made an effort to document all the info hooks int he Commerce modules in the Specification handbook on drupalcommerce.org. This work turned up some API inconsistencies that have been addressed. Additional attention still needs to be paid to the Entity and Field implementations to detect similar issues and develop a working specification.
The last couple of days have also seen bug fixes to get Commerce running on Drupal 7.0-beta1. Similar work was done on the Address Field module, so I rolled that into an alpha1 release for some serious testing and bug reporting as well.
This alpha release represents what we believe to be a stable address field, even if not feature complete. It only has a single widget for now, a dynamic address form that updates the fields based on the country selected. This supports unique forms per country, with the only example currently being to change the fields for U.S. addresses to use a State dropdown and call the postal code a ZIP Code.
This is not yet fully xNAL compliant, as name fields are not included.