As far as I see it, we now have a codebase that is ready for a "0.8" release. To release it officially in a way that is both useful for other Apache projects (which need it to be a non-incubator release) and other projects (which need a stable release) we should graduate first. So I agree with Richard that if our mentors think we're ready too, we should go for it. :)
Greetings, Marcel
