I'm talking about ppa:elementary-os/daily That's what I'm using and keeping in mind that I just partly installed it and am working on a normal Ubuntu 12.10, it actually runs quite ok.
I would never be able to use it on a daily basis though.
I'm not using that PPA, just downloaded the beta 1 ISO and installed. It runs great except for the bugs I encountered. They're updating it quite frequently though, with new updates coming in almost daily. It seems to get better with those updates... running quite nicely at the moment.