It's good, but I'm not sure if it's good enough for a live production application.
I'm running a small website on it for a school project I'm doing and there's quite a lot of annoying bugs. Footers like to disappear at the most unexpected moments, I get a lot of 'jumpiness' where the page just jumps around and shows a black or white background-color, of which I don't know where it comes from. It's also fairly slow on my host, but that might just be because of the host and not because of the framework, however it's something you should probably test before going live with it.
That being said, the framework is easy to work with and if your team is good enough you might be able to hack your way through some of the bugs; it's easy to create a website with it which does look good, if you take the unexpected bugginess into account. Then again, I guess these little bugs are to be expected with an alpha release.
I personally wouldn't recommend it for a live production site, but it might be a personal thing and you should probably try it out for yourself. As far as other recommendations go, I have heard good things about Sencha Touch, but I haven't tried it myself.
EDIT: Some more information/comparisons here.
EDIT2: As far as a roadmap goes, they said they would release it when 1.0 hits. However, their release plan seems to be subject to change. Also check out this question: Is jQuery Mobile ready for production use?