Actually, so am I. Lets go through it together:

1) "Implementation of Darwin" [1]

2) "On top of the Linux kernel" [2]

3) "Binary compatible with iOS 5.0" [3]

4) "The final goal is probably recreating the iPhone OS 1.0 stack" [4]

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[1] "Darwin forms the core set of components upon which Mac OS X and iOS are based"

http://en.wikipedia.org/wiki/Darwin_(operating_system)

[2] "The main component of most computer operating systems"

http://en.wikipedia.org/wiki/Kernel_(computing)

[3] "In computing, a computer that can run the same binary code intended to be run on another computer is said to be binary-compatible"

http://en.wikipedia.org/wiki/Binary_code_compatibility

[4] "Initial OS release".

http://en.wikipedia.org/wiki/IOS_version_history#iOS_1.x:_in...

From what I understand it is a version of Linux that can run binaries compiled for the iPhone on an ARM chip but doesn't provide any of the higher level Cocoa libraries (i.e. no GUI stuff)

Re: apps

Will it run iPhone OS apps? No, because I'm not aiming to have compatible high level frameworks. Just think about how much work is required to have a 100% compatible implementation of UIKit or Celestial. HOWEVER, the CoreOS part should be 100% (or 99%) compatible. Just not the higher level OS. If you're just interested in this because it will "run iOS apps" please go away.