In the meantime, here are some screenshots of the node based Material editing system. Every Modo material now has an "Octane Material" tab, and this tab contains buttons to override the Modo material with an Octane material, and to open the Schematic panel with the nodes for that material.
Once a Modo material has be overridden, the schematic is opened where the node contents can be edited, and new nodes added. Each overridden Modo material has it's own Schematic view, so you can Material Pick from the Octane Viewport to rapidly access the Octane nodes for that material.
If you select a channel (ie. the bump pin on the material node), then click the 'Create Node' button, only the nodes which can be plugged into that pin are available. And once the node is created, it is automatically connected to the selected pin. So the workflow is very fast, and intuitive.
As you edit/update Octane materials in the Schematic, the OctaneRender Viewport is immediately updated to reflect the change in the material.
Rendering of animations is now also implemented, as is support for rigged characters. So the plugin a rapidly approaching the close beta-test phase.