You can walk around, talk to other characters, change to different (placeholder) maps, listen to background audio tracks and play around with the settings.There is a little more: container items and basic inventory functions work as well. Battle, quests, character development and interactive map objects (locks and traps?) are what is missing from allowing to implement a loaded rpg.
Another piece of news is that the project manager, barra, is leaving his position. The best place to discuss PARPG's management's future is their IRC. You can also read more about barra's stepping down in this IndieRPGs article or this PARPG announcement.
Of course the project is seeking a new manager to take over the management tasks. We shall hope for a brave and experienced sir or lady to claim that throne. (Did I mention that the decision-making process is rather democratic in PARPG?)
The developers are restless of course and are working on the plan for the next tech demo! Read this proposal of features and participate in its discussion!
Yet another piece of news: you can now listen to all game audio tracks on this page. (So far only one has been featured in gameplay videos). My current favorite is Timong's "Depths 1":