I am a little confused about this, is it unfinished - or is it just meant to be this way?
It will probably always be "unfinished" unless someone steps up to "finish" it. Otherwise, I plan to make it stable and reliable for Eligius's use (which probably involves some cleanup over time), and other pool ops are welcome to add functionality they need (accounts?). In the meantime, most of the code (moved into specialized do-one-thing-very-well Python modules) is working and clean; it's mainly eloipool.py that ties them all together that's a bit of a rat's nest right now.

I was able to get it working even though - there are no instructions what so ever
I figured the README and example config should be enough for most people who know what they're doing... what did you find lacking? (just what was listed below?)
(tip if your using Debian or Ubuntu you will probably have to dpkg-reconfigure dash and set it to no - so your using bash as default)
Hmm, I don't know what would depend on BASH? O.o
but where does it connect to a db?
There is PostgreSQL support for logging shares, but I haven't documented that... <.<
How do you manage users and shares? I see no support for this anywhere, did I miss it?
Eligius doesn't have users, so unless some other poolop/developer wants to add support for accounts, you don't.
In short, this isn't being released as end-user software, but as "this is what I am using" code that others can use and extend. My hopes in releasing this publicly, is that other miners and pool operators will also contribute, and all of us can benefit without each one of us reinventing everything independently from scratch. This is why I chose the AGPL license, which requires anyone running it as a public pool server to release their changes.