Any distrust of chinese technology aside, I'm actually really looking forward to what this OS will be like. imo MIUI is the most usable android ROM around, and it's much more stable than cyanogen. It proved to me that Chinese startups are capable of producing really awesome products.
iPhone currently has the biggest smart phone market share in China by far, this looks like the beginnings of Android taking over China like it did the rest of the english world.