It hasn't been compiled, so no, it's not a fully developed release, and as you can see, those few files worked on for r635 are from 3-4 months ago. As you know there's r612 that has been compiled and released, for those interested, it can be found here:
http://pinkpetal.org/index.php?topic=773.0 That release fixes corruption in save games where you get close to having over 280 items in your item list. (The game limit is 300). Let us know if it has any other changes, or bugs!
The big hurdle for development, at least months ago was that the devs agreed a conversion to xml format (from the existing code) would make future modders jobs much easier, and that they would then make solid tools compatible for the new code. The conversion is a big task, and it hasn't, and may never be completed.
At this stage, if you're inclined to, creating scripts out of the tools we do have availabe would be a nice addition to the game as there are very few scripted events for the game, and I don't think it's likely now any modded scripts would be rendered broken by the xml conversion. (They would be if it does go ahead, but at this stage, it's more of a question IF now then WHEN)