Hackety Hack was demoed at Art and Code as promised. Supposedly, _why's just cleaning up bugs and what not to get it presentable before throwing it out there. I had a friend who helped out with the Art and Code demo and he said it's functionality was really impressive but it was still a bit buggy. I think _why really wants to make a splash with the launch and so is being somewhat conservative with the release.
The 0.7 version isn't too bad. I give it to people who want to learn ruby but don't want to buy a book. There's a simple interactive learning tool that is useful if you've never programmed in your life before.