Is it production ready? RVM is.
I don't see a pressing need to use RVM in production; when I deploy, I pick a Ruby version and stick with it unless there's a security issue, at which point I pull the updated REE package from Phusion/let Heroku figure it out. Considering the many times I've seen RVM installs fail due to checked-in broken code, I'd hardly call it "production ready" either.
1. Gemset isolation comes in handy.
2. Sometimes you want to have multiple ruby versions (e.g. MRI for app and JRuby for memory heavy script)