The lack of a schedule I can understand, but Stack Exchange has no testers?!
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Maybe it means that they have no designated testers, no separate QA team, and everybody is responsible for testing.
For a site that important, that seems like a serious oversight.
Maybe the testers are unsuspecting users in the A/B pool of Facebook-style deployment where A = stable and B = mystery meat.
The dev cycle is: type code -> build -> push to prod.
That middle part is where the tests run. On Careers for example we have a decent set of Selenium tests that run through the core functionality of the site on every dev build (Can I Login? Can I buy something? Can I post a job? If I have a profile and I go to the profile page is it there? type stuff).