Basically all it is at this point is a stage 1 bootloader in 16 bit real mode that prints out "REPL>". It does detect the CPU type and verify that it can enter long mode (64 bit mode) but never actually enters long mode.
I find it awkward that there's so much hype on HN and twitter and tons of people starring and forking it but it is rather evident that not many people actually read the code and see what it does. It seems like this project has got a few recent commits, though (after a hiatus of a few years) so there might be some progress happening.
However, what is very cool about this project is the way that it is written, basically Lisp macros that implement a single pass x86_64 assembler.
Let's hope that this project gets the love and the attention it needs to actually grow into a proper Lisp OS.