Fascinating project! Turning the gearheads and geeks loose on an open source hardware and software camera platform that can be built for built by anybody for ~ $1k USD is going to create an amazing amount of experimentation and progress. Their next iteration with a CMOS processor will be even more interesting. Keep an eye on this project. It's these kind of skunkworks, open source, hip pocket, hacker things where amazing break troughs take place - not so much in the sterile labs of Nikon, Sony, and Canon.
I would really be interested in this if they went the route of a scanner camera with L glass for a medium format linux based camera. well i'm still interested in this, i would just be more interested if they did that too