Realize that our designation of "no longer in beta" =/= "graduated". Stack Exchange wanted to recognize sites that function well, but don't meet the requirements for a full graduation (Mostly the 10 questions per day metric).
What it means:
- Beta is removed from the site name
- Moderator elections will occur (eventually)
- Closed without comment flag (for moderators) goes away
- Area 51 tag - Launched instead of Beta
A couple of key items that it does not mean:
- Reputation requirements remain at beta levels (For example, trusted user and analytics kick in at 4k and 5k rep respectively. On a full graduated site, those kick in at 20k and 25k respectively).
- Themes remain the province of fully graduated sites.
This change was not a graduation per se, but recognition that a site can function well, even if it doesn't meet graduation requirements. This is a natural follow-on from the announcement a few years ago that a site that had adequate moderation was in no danger of being closed any longer. Eventually theming may occur, but it's not planned any time in the near future.