I've been on 0.14-rc1 and my favorite feature so far is stateless function components. So much cleaner than class-based components.
One downside is that hot reloading doesn't work with it yet (AFAIK). Hopefully that will come soon now that 0.14 is officially released. (And I believe Dan is/was on vacation.)
Andrew Clark (core contributor to Redux and creator of Flummox) just released Recompose which provides powerful capabilities for stateless components: https://github.com/acdlite/recompose.
Some of the benefits of stateless function components as outlined in Recompose's readme:
* They prevent abuse of the setState() API, favoring props instead.
* They're simpler, and therefore less error-prone.
* They encourage the smart vs. dumb component pattern.
* They encourage code that is more reusable and modular.
* They discourage giant, complicated components that do too many things.
* In the future, they will allow React to make performance optimizations by avoiding unnecessary checks and memory allocations.