It could oftentimes be unstable and not properly tested, lacking any changelogs, but eventually evolving into alphas, betas, release candidates, and finally stable releases.
Tonight's first official nightly build is still CM9 (Ice Cream Sandwich), but I'm sure CM10 (Jelly Bean) will be arriving shortly. Compared to LG's own software, which is still Gingerbread, I'm going to simply quote UberMario who said it best on XDA:
It's great to see that in about a month's time, the c800 users went from running on a crappy LG Bloatware filled ROM to a fully working CM 9 build and it's all thanks to Chui101!
Damn straight - that's exactly why we love Android, custom ROMs, and the Android community.
If you're looking for the commit log welcoming the MyTouch Q/C800 to CM, here it is.