Alas, it's NOT ready. I upgraded based on past experience and it through an access violation within minutes of my using it. That's bad coding.
Post Management and Searching
BlogJet now stores your posts in the cache, so you can access thousands of your posts in a blink of an eye (even with no connection). Finding posts is now easier because of the instant search, which shows results as you type.
I'd give it another 2-3 months before upgrading.
Update 3/21/07: The latest release is 220.127.116.11 and it didn't work with Blogger correctly a few weeks ago. I'm going to try Microsoft Live Writer for a while.