1. Open source, but no public source repository?
2. No link to download a working release, even though their site claims one by March 2010 (it's almost May)?
3. A list of ambitious goals about what the project will do, but no working code?
Sounds like vaporware.
The reason they don't want people looking behind the curtain is that the rhetoric far exceeds the reality.
Anyways, I went to the site hoping to find a nice lead, but they've got the developers list private, and it seems that access to a real system is locked down.
I'd say it seems less like vaporware to me, but I'd have to say that while they say the codebase is GPL (or course, where is the proof for that?), the development process is extremely closed. It doesn't have the feel of any open source project I've ever seen.