Yes! It feels.. very polished. The new notifications and settings area are just awesome. Also the app drawer is pretty great. And the animations... smooth as butter!
If you do OTA (over the air) updates, no, you don't need to ever wipe your device. At the end of the beta they'll just push the retail version and de-enroll your device.
This is my third beta (8 and 8.1) and I never wiped.
Still here! Definitely stay away from preview release on your main phone, but once Google slaps beta on a build stuff is pretty stable (have not tried in car Bluetooth yet -- knock on wood).
As a dev, days like these are the ones where I get my moneys worth buying into Googles hardware :)