I'm on the latest version. Once the fuel runs out, it is going roughly horizontal at about 400 m/s, losing altitude at about -10 m/s. It quickly slows down to about 150 m/s and begins to pitch up. As it pitches up, it slows down to about 40 m/s, at which point it runs out of momentum and stalls, allowing gravity to take over. It accelerates from gravity to about -20 m/s vertical speed. Provided the fuel tank is still pointed horizontally (due to ASAS or what have you) it will start to pitch up again, slowing down to about 60 m/s and bleeding vertical speed. Rather than stalling again, it begins coasting roughly horizontally (akin to a glider), despite the fact that it doesn't have any means of generating lift. Its vertical speed is about -10 m/s, so it is going downward, but much more slowly than one would expect considering that it doesn't have any wings or propulsion. From here it handles very much like a glider -- you can roughly angle it in the direction you want to land and it'll head towards where you're pointing. You'll slowly pitch down and gain more vertical speed over time, but for the most part you can glide around until your electricity runs out.
He had a parachute deployed while I did not, but the behavior remained the same.
