This version has been greatly improved in several way thanks to Bruce, Petit and other contributors. Their efforts brought this version to a very stable level.
This version is already used in production.
See here for changes_1_2. The list is not exhaustive, but it gives an idea of some of the changes and how to port your code.
Both pixlib and Sandy 1.2 sources are available here : http://sandy.googlecode.com/svn/trunk/sandy/as2/trunk/sources/
For more info, see sourcecode
Some examples using Sandy 1.2 can be found here : http://sandy.googlecode.com/svn/trunk/sandy/as2/trunk/examples/