Most beta's don't have you beta test the "final" version...
Well, I don't agree with that. My current computer has run W7 Beta, Office 2010 Beta, and VS 2010 Beta, and it has now XNA 4.0 Beta on it. I run CTPs and betas of Microsoft constantly and they are things that work. You can have a technical feedback about performance, crashes,... with a more finished product that allows you go get feedback on many other things.
About the current beta and Elemental, I'm in the camp of people who enjoyed the technical betas at the start but then I missed a more complete game, because the endgame of most of my games has consisted in a sovereign with some summons and a company of guys with metal swords and metal armors (and in some cases with wood weapons and leather armors).
I suppose one problem has been that we have been told that betas weren't supposed to be fun but at the same time we have been hearing since very early that there was a much better internal version. Last chance to prove that is day 0, I hope it works.
And now as a customer, MoM, X-Com,... those games were great at day 0, as a customer who bought this game a year ago, I don't like hearing that this game is going to be awesome 6 months after launch, nor I think that should be encouraged. The game should be awesome at day 0, period (and more awesome later perfect).
But well, this game was hyped too much on the early phases and now it falls short of expectations. Maybe with time it will reach those expectations, who knows...