OK, I lied. There is another release before the stand alone version: 1.0.2. The focus is much the same as for 1.0.1, i.e. balance tweaks and bug fixes. The primary reason for making another release is that we've reached a point with the 1.0.1 data where it is clear what the changes accomplished, and gathering further data is essentially useless.
Work continues on the stand alone version. I have been spending a lot of time contributing to icculus.org Q3 with a view to using it as base. The vast majority of known Q3 bugs have been squashed, and certainly all the serious ones. I can heartily recommend it as a good client to use for playing Tremulous, assuming you're comfortable compiling it yourself. Note it's possible to compile a Windows client with MinGW, so you don't need expensive tools like Visual Studio to get your feet wet.
