WPT 0.7 Out... Hold your horses!
So, after playing around with Eclipse's Web Tools Project 0.7, which was released last friday and reading some of the documentation from the site, I can say that, at least for me, WTP isn't ready for prime time yet.
The developers of WTP acknowledge this, as they changed the version number from 1.0 to 0.7 from the original plan, and hope to have a version 1.0 until the end of this year. Although a lot of functionality is already there and working, the feel for it is that there's still a lot to do.
You can't convert an existing project to a web project, for example. Source and webapp dir routes seem to be non-changeable, and there's still lack of support for many Application Servers.
For me, it's back to MyEclipse IDE, with no plans to change to WTP in the near future.