It is based on build 151. The interesting thing is that you can buy a standard support for it
and it doesn't look like Oracle is treating it as beta - at least not officially.
But then why not call it Solaris 11? I guess it is partly due to marketing reasons and partly because it is not entirely ready yet and there are some components which require further work.
I think they can't call it Solaris 11 yet because the SVR4->IPS migration isn't ready. Sol11Express can only be upgraded from b134 (IPS). The Express edition running on Exadata/Exalogic should also get more attention from big customers that weren't very happy to try OpenSolaris.
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