The latest check-in (revision 128) contains simple support for projectiles: arrows and shock spell. Note that Shock isn’t fully implemented (it doesn’t chain). You can’t use Shoot unless you have a ranged weapon equipped. Normally you wouldn’t be able to use Shock until you unlock the power, but I haven’t finished the changes for the ActionBar yet.
Note that simple hero sword swings are also converted to the new power system. Enemies aren’t converted yet, nor are potions.