We participated in the private beta and wrote up a simple (I hope) post of the basics of developing a Famo.us app here - http://blog.percolatestudio.com/engineering/the-future-of-ja...

The closed nature of their 'open source' project can be frustrating at times. Having said that and despite all the hype, famo.us is sitting in a pretty unique position in the html mobile web scene and frankly I'm more excited about it than any of the alternatives (sencha, jquery mobile, etc).

It's early days, I wouldn't write it off yet...