I'm not one of the developers, but I've at least taken a good look at the code and have been working on plugins, which has given me some insight into why there is still no RC3
IMO, it's not just a matter of turning off some of the difficult plugins and patching them up later. Almost all of Code::Blocks is built around plugins and an sdk to develop those plugins. Plugins are used not only for optional features like editor refinements and code helpers, but also for core tasks such as compiling and debugging (some people would also consider code completion a core feature of a graphical IDE). While these plugins are still in development, the C::B sdk will need little tweaks here and there (how can you know if your SDK is flexible/stable enough if it hasn't been tested on fully fleshed out plugins?). It won't possible make those tweaks without breaking any current build marked as a RC, making it no more useful than any of the nightly builds. I could only imagine the user backlash.
The fact is the C::B devs made the difficult decision to go back to the drawing board rather than release a product with so many limitations. As the download page says, Code::Blocks has expanded into unexpected directions as a result. From my perspective, not one of the expansions that the dev team is working on is "frivolous", but rather is geared at making Code::Blocks more stable and flexible. This has obviously taken a lot longer than any one of them anticipated.
Of course, the Release candidate tags are misleading at best. The current C::B is a totally different beast from the C::B of 12 months ago. I'd go far to say that what the devs are working on is C::B 2.0 and that they have simply abandoned 1.0 (although maybe it would be bad marketing to badge it with a 2.0 if 1.0 failed to materialize). As far as marketing goes, I think the mainpage could be changed to reflect the active development that is going on, but that will take someone away from coding...
Anyway, to all those who are impatient, there's lots you can do. Study the code, report and fix bugs, work on plugins, add documentation etc.