I've decided to start a lightweight process I call "Informal Releases" which can be made quickly and which leverage the existing install-from-workspace script. However, you don't have to use Subversion to get such a release. You just download a zip file.
Making such a release is much less work for me than an official one, so I expect to make 1 - 4 of these per month. They don't replace the future official releases such as Cobra 0.9, 0.9.1, 1.0, etc. But they do give you early access to new features.
This is for folks are not comfortable installing Cobra out of a Subversion workspace. It's easy enough to do, but users may prefer to download a hand-picked snapshot instead.
Another route could have been to fully automate the build of a nightly package, but then you don't know if you're downloading a stable package when it's blindly made at the same time every day. In contrast, I'll cut an informal release when I'm fairly confident that the Cobra source repository is stable and has something worthwhile to offer over the last one.
You can, of course, continue to use a Subversion workspace.
There is a discussion thread on this topic which includes the link to Cobra 2009-03-01.