Telemetry API Beta status

I really like the new Telemetry API and I think it is the right direction of splitting the provider settings from the settings which are workload specific.
I would like to understand the overall status of that new API. Are you already in a more feature-complete status and collecting feedback or are there bigger features/changes still to come before you will promote it to beta? Are you for example waiting for OTLP trace support necessarily?
My main motivation is to get a feeling on how long I should wait till start building on top of it.

Will be great to get some feedback on that!