I, for one, am irritated by the name and hope they either change it or that the project fades. Things are confusing enough without this kind of nonsense. Yes, I get that each cell in a spreadsheet is observing its neigbors. Yes, it's nice that you can "observe" your code auto updating. Yes it's nice that people are trying to improve upon spreadsheets as a programming model. Don't be purposely obtuse right out of the gate by naming your project after a widely used pattern, tool or technique. Call it Cells or Panopticon or something. Please.
In other news, check out my new web framework, called MVC.