I've been using Luna daily build for sometime, so I knew what to expect, when Beta 1 was released, except the beautiful greeter and the default wallpaper.
Once, I downloaded and installed the Luna Beta 1, I did my usual thing--upgraded it to Raring direct from Precise, by passing the transit Quantal.
I installed Calibre, so I could read a book, while Apt did its work. I noticed that the Elementary devs were using their own ppa, so I didn't change that, before upgrade, so I have their Precise ppa applications, while the base became Raring. I also go rid of Plank, because it cannot intellihide and cannot be configured.
All applications work very smoothly.
I believe, the Elementary devs are somewhat afraid of their own creation, worrying a lot about bugs and delaying its release. Which "new final" release of any distro that's not buggy?!
I'll make a live CD out of my upgraded Luna and then change the Luna ppas to Raring, where applicable.