Personally, I think the game is playable. The long (and largely unknown and unknowable) length of time between last update and The Next Big Update is at least letting me slowly (oh so slowly) micromanage this current fort.
An update would be nice. An update might indeed fix some issue. An update would probably mean I'd forget my sub-sub-version .25 fort, even if it's just an update to sub-sub-version .26!. If it's 0.32(or more).whatever, it definitely would mean this. At least after I waited a day to see if 0.32.1, 0.32.2 or 0.32.3 were being released[1]. But the lack of an update does not mean lack of Dwarf Fortress, like the delayed and partial upgrade of a browser-game or MUD/MMORPG servers/code/data/whatever might mean.
I recognise issues that aren't perfect, but none of them (to my mind, YMMV) are game-breaking. As long as Toady isn't goofing off and just stuck in a TVTropes cycle, or something, I have no cause to complain. Actually, I really have no cause to complain if he is, for I (to my shame, albeit due to a certain other demands on my personal 'fortune', for an extended period of time) have never paid him a single penny, cent, yen, eurocent, groszy, glass bead, crescent, knut or ningi. And even those who have contributed may well have been directly repaid (in spades!) with their Sponsored Animal or other nugget that represents the limit of the written or unwritten contract associated with said payment.
I can sympathise with those who do not feel this version 'works'. I do not agree with them. I await several things, of various relevancies to the game (from not-at-all to quite-a-bit), not least a position of employment with sufficiently commensurate pay that I can deal with the results of past commitments and then extend myself further towards such 'frivolities' as (I would hope, and certainly I would necessarily assert while on these fora) giving Toady that little nudge of encouragement in his chosen path. While I am waiting (or, rather, in-between the gaps in which I am actively pursuing those items which it is theoretically in my power to achieve by my own efforts), DF as it stands is a welcome distraction.
DF as it next reincarnates may well have dug the data-grave for my currently happy (and, in some cases, ecstatic) band of Fortresseers, much as pre-existing dwarfs have lived, and occasionally died, but now remain frozen within abandoned worlds effectively as lifeless as Jadis of Charn's old world. That they are unaware of their predicament may well be considered to their advantage[2].
[1] Don't get me wrong, I'd love to be the first person to find and report the bug that, say, necromancers are apparently bringing dead shrubs back to life, or castle keeps in the new towns have an entire middle-level missing, inadvertently, but I reckon others would report them as quickly as I could, and with the time available to me I'm more likely to be getting "sloppy seconds" on all such bugs and getting the "whoops, fixed that now" version within a day or too of the offending release is probably what I'd be able to do. Makes me feel like a freeloader (more so, than normal, that is), but it'll be likely.
[2] Urist McUrist cancels current excavations: Suffers from a feeling of existential peril