Tom, V1.0 won't be a "public beta", it will be a addon with specific areas that are worked on at a later stage. Even though it won't be 100% bug free, what we can expect is a fully working addon in the areas that are simulated. I do too prefer a "complete" addon over one with things that are done later, but lets face it - the development has taken much longer than anticipated and I believe with V1.0 95% of the customers will be satisfied. For the other 5% you've got the list of items. Since you seem to belong to the 5%, it's perfectly okay not to jump in at the first release. But what disturbes me here is that it seems like you are trying to spoil it to other people. IXEG is playing with open cards, there is no need to badmouth their work. I deeply respect them for their dedication.
As for ABS, navigation system, cruise control - it's all in. Okay, no offset and no pilot entered holds (thats the rain sensors). Would you notice, unless someone told you about it? You can do normal VFR flying, radio navigation and LNAV/VNAV and explore lots of other features around. Try mastering that, unless you have a professional license and a rating, it'll keep you busy for a long time.