It's been a year since the last PPI release, and in that time changes to Test::More have rendered the test suite buggy in some environments.
So the time is clearly near to force another production release out the door and get PPI off the FAIL 100 list.
PPI 1.204_02 is more complete than a beta, but not quite a release candidate.
It does, however, implement all of the features and bug fixes that people have been working on for the last year, and it contains a number of new object types in the PDOM, so it might cause interesting effects in your PPI-using application.
If you could please test out the new release with any and all tools you care about, and report back, I would appreciate it.