Well they say they are going to fix multiclassing and high-level play - two of the biggest problems with 3ed (and the two issues that don't have an easy fix) - but then they go ahead and release a "beta".
I've worked in software QA before and when two of the biggest features you are promising to your customers aren't implemented, you ain't at beta. Heck, you aren't really even at Alpha.
I like what Paizo has done so far with Pathfinder (more or less) but I also think their priorities are out of whack. I have more class and feat variants than I can shake a 10' pole at but nothing has fixed multiclassing or high-level play yet. I guess grappling is a decent fix but still, that's not one of the "showstoppers".
So far, Pathfinder is no more than a very nice-looking book of crunchy add-ons.