component appears to work well. However if you set up a weekly reccurance and then go back in to edit the details it seems to switch to a daily recurrance!
However this is not a huge issue and it is only an alpha for J1.5
One thing I have noticed (which i don't know if it is a bug or something that I have not done?) is that the Calendar module and the legend module both repeat themselves (i.e. there are 2 calendars appearing instead of the one I was expecting! (will submit this in the bug tracker too when I can log on)