Beta2 of Community Server was released today over at communityserver.org. Be sure to check out the announcement.
This release mostly features a massive number of bug fixes. We've gotten quite far on cranking on the various components to get them tweaked out. It does have some new features, such as a new tabbed UI. The tabs are not wired up yet, they mainly serve as a visual for the look and feel we are working towards. Also, we've added a new post UI that is quite interesting.
As with any beta, there are still some issues, but with beta2, we are going to start doing more periodic releases to help ensure that fixes to bugs don't end up creating other bugs. :)