regardless of the missing dlls and such, how is it incomplete?
It's not missing dlls - you probably need cygwin, which the devkit depends on. It's just broken as things are missing.
According to the release notes, it's buggy as hell too.
Just an example:
CODE[WPAD] Abnormal noises are heard when speakers from multiple Controllers are used at same time
At the present time, a large load is placed on the CPU when the Wii Remote establishes a connection with the console.
If one Wii Remote has already established a connection with the console and sounds are being played through the speaker,
playback will be interrupted when another Wii Remote attempts to establish a connection with the console. Even the playback
of 'silence' is interrupted, and in some cases playback interruption can cause abnormal noise to come from the speaker.
The cause of this problem is currently under investigation.
As a temporary workaround, if multiple Wii Remotes are going to play sound at the same time,
do not start playback until all Wii Remotes have established connections with the console.