TBH, no armory isn’t ready for full production as there is going to be lot of bug but as people are now starting to making games with armory, it safe to say you can make some good’ol games with armory.
There are lot of features that are currently missing in armory at moment, but not missing features that will prevent you from making games.
Yes, it is buggy at moment, if you want to start making game then i advise you to use 0.5 build or wait for 0.6 to get stable build.
Its depend of level/scale of game you are going to make, for example, it would not be possible to make full-fledged open-source game yet, as there are some bugs and missing features.
But if you are going to make small indie game like this -> Rocket House - A local multiplayer shooter 2,5D, then you are good to go