On the new version the entire code base was rewritten and the component had come a looong way toward a stable release.
The only downside of the component is the frontend template. The default template looks like is from early 50's :) . Anyway if you dig yourself into some custom template design (basic html/css with some smarty tags) the auction system can look really good, and i mean REALLY GOOD. The support is also great NOW. I can say that in the past while they were focusing on getting new version to light there was a period for a lack of support responses (or responses that came after very long period of time) but now they are back on track. I had some issues, i provided them administrator and FTP credentials and they helped me out really quick (same day or next day response). These guy are great and offer great support, the component is also on the right path ... and i can say that this became a really good reverse auction extension for joomla.