You will be able to create the set in "custom fields". Then apply it to the products you want.
Is there any documentation or example with this?
^ Not done yet, but Its not going to be hard. You can make your own plugins. (check out one of the plugin files)
The plugins can change the way its stored, AND the way its displayed.
So, it can be stored as a comma separated string
Red,Blue, Green, Yellow, Purple,
Then the output on the front end can use the comma to know when to start a new <select>Red</select>
THEN, can pass that Text on to the cart via Text Input. (hidden)
NOW, as far as attributes that change price. I have not thought about that yet.
////SOOOOOOOOOOOO, what I am saying guys is. Dont panic.
There are going to be things you do not like and wish were different with 2.0. BUT, its WAY better than 1.1. (as long as you move to J1.7)