I favor the "When it's done option"
What I'd like to know though is if the Dev's have an idea when they will get to that point. Put it another way, do the Dev's know when they have reached a point when enough is good enough for 1.2 release. I suspect so, but it's hard to tell when they don't release any sort of roadmap.
I can imagine however how the Dev's feel at this point with everyone posting up what looks like demands to have this release... or people losing hope that there will be a release. I believe there will be one, it will be released when it's ready and not before and the Dev's deserve all the support we can give them. One thing they don't deserve is the sorta s#%t that it looks like they are getting. I don't know what motivates the dev's to write an open source game... maybe it might help them get a paying job, maybe it's just notoriety. Last time I checked, and we should ALL to remember this, is they are not being paid to code this game.