It is in the early stages of development. At this point, you can create new projects, load them, add backgrounds to the scenes, insert other images (sprites), add dialog, define characters, and define images.
You can’t yet add selection menus, jumps or labels, or remove chapters and their steps.
You can watch a little screencast: http://www.youtube.com/watch?v=b_PXeY6tWYk
Next steps will probably be adding the capability of removing chapters and steps, of adding choice menus with jumps, and setting labels for those jumps. With that, a basic game could be created.
You can get the latest development source from Gitorious: http://gitorious.org/revised
git clone git://gitorious.org/revised/revised-dev.git
Feedback is welcome!