I find it fun now, call me crazy but I even found the old Beta 1's fun. However that's "fun" in a limited sense - fun to play for a while, but then you run out of things to do because many features just aren't there yet, so you go post on the forums about what you think the game needs - fun at first but replay is limited. As a point of reference this already puts Elemental above most other games out there for me - many fully finished games don't have the depth that the beta has already - but it still has a long way to go (at least, judging by what we beta testers have seen; I'm sure Stardock's "internal" client is much closer to being finished).
To really answer your question, no, the current beta isn't intended to be fun. It can be, but don't expect it to be - preorder if you want to test game balance and give suggestions and basically take part in the development of the game, incidentally you may also have fun (many do) but that's not to be expected.
Edit: Also, supposedly the game should release in two months, and there are two more betas to go. So a wild and completely unsupported guess would put Beta 3 sometime in the next month-ish. One would also expect Beta 3 to be significantly more fun than what we're playing now, 2 was certainly a huge step up from 1, but who knows at this point.