The difference between Prototype, Alpha, Beta, and Release is different with many companies and in most cases has spoiled some in others lowered the standards, Stardock, however, is in line....
Prototype - ruff draft, minimal graphics, base part of game functions but, most likely serves little or no purpose. Little bugs because most of game isn't in.
Alpha - just beyond prototype, more graphics in game, base functions of game with limited features, basic game-play will be in play, many bugs appears as things are turned on.
Beta - A game that is mostly complete, in various stages, testing specific functionality of game to get it ready for release. Main stage to find and squish potentially game breaking bugs so it can be ready for release.
Release - Little or no bugs remain, game could be sold in stores if that was the way games did business.
Some companies will release Beta games now days as full Release with many game-play issues and bugs (EA) [SimCity]
Some companies will have full release Beta's (makers of Space Engineers) where things are always changing never complete.
Some companies will continue to make a great game using the full potential of Alpha/Beta process (Stardock)
At the end of the day though, all that matters is the game works with little to no bugs upon release. I have no doubt that Stardock will accomplish this with in the next month plus.