This is VERY interesting.
Personally I would love to see the Arduino environment ported to pretty much all the flavors of hardware that make sense.. how many here have a couple of devices now that simply do not get used simply because it is so much more painful to do simple things with them than Arduino?
I have three launchpads which will now maybe have some use, the toolchain was horrid so I just got sick of it. I've got a ST Discovery board with all sorts of resources, but again, the toolchain is useless. I have a half tube of 8051s, without much desire to mess with them.
Porting the language to other chips may breathe life into these platforms. I understand the ST board has a version working, will be checking that out soon. It really comes down to the libraries and abstraction that Arduino brings to the table, making it possible to write application code without needing to mess about with registers and ports directly (a sometimes painful task).
Bravo... Going to keep an eye on the project for sure!