The first beta of a official release of Better Formats for Drupal 7.
The major change is that all options are now on the field level. This means you will see the better format options when editing a field that is attached to an entity.
Things not in this release:
-- Full documentation is missing
-- Setting format options for blocks is not yet done
-- BF does not work for fields that are not added via the Field API. (ie. if you cannot edit the field then BF does not work on that field).
-- More testing is needed.