The next release of FW/1 has just hit Beta! The main addition since the Alpha (October 21st) is a debugging feature: you can now enable tracing for the framework and see what it is queuing up and what it is executing. There have also been a number of bug fixes. See the commit list for details of changes. The wiki has been updated with the new features and API changes (no public API changes since the Alpha, just the addition of variables.framework.trace). Read more and download FW/1 2.1 Beta 2 at RIAForge.
Update: Beta 2 replaces Beta 1 and contains a couple of compatibility fixes for Adobe ColdFusion in the new tracing code.