What's the current status of project on 4.7?

Updating complete. Fairly significant recent changes, and some reported issues with projects lacking file releases--see http://drupal.org/node/50070. So, ready for use, but not much tested beyond scratch.drupal.org. Note that there are update scripts in the directory, e.g., update-project-release-dates-2006-01-05.php, that you may need to run if you're updating from a previous release. Please post issues as they come up.