Edit2: Yes, the model bug is fixed, but there is more problems jeb has to fix. This video just shows one of the issues, and it is STILL not properly fixed. Jeb only put in a TEMPORARY solution for the model glitching.
Edit: The release date is 12 september, and jeb plans to keep it that way! There is a big chance that he WILL release it then, but he won't if he hasn't managed to fix these bugs within then.
First of all, this video is posted by the permission of jeb, as a example of how buggy 1.8 is.
BEWARE OF MUSIC IN START
As you can see, pretty much every model is bugged, and they lagg the game very much. This is one of the reasons 1.8 is delayed. Jeb has been working on a fix all day, but still hasn't come up with a real fix for it. He has done a temporary fix for it atm, but it causes the game to crash every 5-10 minutes. He is trying his best to fix this now also.
Another bug is that smelting something in a furnace will make the game crash, and if on a server, make the WHOLE SERVER CRASH.
I will put up more info regarding this sooner. But please understand that 1.8 CAN NOT be released in it's current state. Please stop bothering jeb on his twitter, about the delayed release of 1.8 and such. You can all see the reason. Notch is working on something else, so jeb is alone in this project.
And yes, i am part a 1.8 beta tester.
And no, i will NOT leak more info about 1.8. No need to even ask.
Hope you'll all understand a bit more now.
Also, minecraft does no longer CRASH when using 64x64 packs and above. It still does not support the packs fully, so glitches are still there.
Here is another picture from 1.8.
This shows how bugged texture packs is. This is a 32x32 pack used, and almost the whole spider is bugged.
Strongholds do not generate properly, they just get a error and do not generate.