What magical version of the early release do you have?  I am not seeing these keyboard shortcuts options for Ripple Edit when I go to the above screen on my system.
 
The ripple edit entries do appear in the options menu for the track view so I know I have downloaded and installed the 2017 May ER

Edit:

It seems that, at least on my Splat, that to see all the keybinding entries I have to NOT be using any lenses.  IE; set lenses to "none".  I did this and can now see and set the keyboard shortcuts options for Ripple Edit. For any lenses, I have to deselect "Keyboard shortcuts" for any custom bindings to be active.

Anderton

ampfixer
Is ripple editing some kind of region effect?

 
No, it just moves or deletes material on the timeline. 
 

I had thought it would be a change to the entire timeline concept and be relatively transparent to the user. Now I have anxiety. I will definitely wait until there's some documentation available before I think about making this update.

 
Just don't enable it for now. The eZine has several examples that show how it's used. The nature of the warning is that it is transparent to the user! So much so you can forget you left it on. IOW words, Ripple Editing does what you tell it to do, so you want to make sure you tell it the right thing.
 

I'm working on a project where the tracks are up to 50 minutes in length and require many instances of cut and delete hole. I was hoping this update would help, but obviously I missed the concept.

 
You will LOVE the way it cuts and deletes holes!!!! The improvement over the old way of doing things is huge. You can delete sections that have no data, the results with MIDI are more predictable, you can have it so cutting one section cuts the entire song or just that track, etc. My only suggestion is to turn off Snap to Zero Crossings and if possible, snap the edits to the grid. This makes it much easier to keep the edits consistent. 
 
I recommend installing the update and practicing on a "saved as" project, you'll figure it out pretty fast if you just use it and observe the results. The eZine will be out soon enough with some real-world examples. Meanwhile, if you're nervous about using it on an existing project, just don't enable it.
 
The Bakers really did an outstanding job on this IMHO. It's a big deal that will make arranging, inserting, deleting time, and many other operations so much easier.
 
In a nutshell, think of Ripple Editing as editing the timeline, and the clips go along for the ride. It's really cool.

Looking forward to examples of ripple editing in action as I am thick as a brick when it comes to most of the editing capabilities in Platinum...
I still struggle with comping
Salud!

I think once you see how it's used, you'll find it much more obvious than comping. It's really quite straightforward.