Described by the creator of the project as:

an attempt to create a new Mac OS X web browser that steals the best bits from OmniWeb for its user interface, adds some well-needed hooks to the interior to customize rendering and loading, and otherwise stays away from scope creep as far as possible.

and I am so down with that. Jesper has done some fairly in-depth writing on the project’s Feasibility and Scope, Originality and Getting Involved.