So, Drupal 7 is out and has been for a while now. Despite this we're still stable and haven't seen the rushed release of 7.1 yet which is actually a pretty good sign.
I've seen a few rough edges, but nothing that is a deal breaker so far.
While D7 Core has been released I wouldn't consider Drupal 7, as a fully fleshed out CMS, to be ready for production use yet. While the selection of modules available are steadily increasing there aren't enough that are out of beta yet and while Drupal's contributed modules are one of it's strongest points I'm loath to use alpha or beta modules on a production site.
Having said that, I've decided to migrate my site to D7 as the test case. I've lost a little functionality due to this, but nothing that won't fix itself up in time as more modules are released.