SQL Developer build 1467 is the Production 1.0 release. So that's just seven months after the first unveiling of the Raptor stealth project at OOW2K5SF. Obviously a lot of the foundation had been done under the JDeveloper project but it's still pretty good going.
I think Kris Rice and the rest of the team have delivered a very useful product. The key issue they face now is trying to meet the demands for additional functionality (I want to be able to specify a default directory for PL/SQL files and it would be helpful if we could use SQL Developer to edit Java Stored Procedures, although I suspect that's not a simple one to solve). Of course, this is a nice problem to have, much to be preferred over releasing applications to user indifference. Some cheeky blighter (alright, me) has posted a question on the forum asking for a roadmap of future releases, as they cannot maintain the recent flurry of EA releases.
The timing of the announcement is sweet, because tomorrow Oracle's very own Sue Harper will be doing a presentation on SQL Developer tomorrow in the DE SIG stream of the UKOUG Combined SIG. So I think that will be its first official outing, at least on this side of the pond.