So, the IE8 beta is released today (from here). I downloaded it (begrudgingly let it over-write my IE7 install) and rebooted. The interface is like the spawn of IE6 and IE7. Surprisingly (and I don't expect this to survive the beta) they have added a "Emulate IE7" button. My only grief with it is that you need to restart IE completely before it will take effect.
From what I can tell, it -does- pass the Acid2 test (although it remains to be seen if it codes specifically for the acid test, that is beyond my ability to know):
As for Acid 3?
Fail. Now, to be fair, Firefox 3 doesn't render it completely either, but it does get up to 60/100 on my install, and you can actually tell it is a bar gradient, etc.