Without getting into too many details, here is what little is known about this Open Source Magenta Project:
Magenta is an implementation of Darwin/BSD on top of the Linux kernel. It is made up of a number of kernel and userland components that work together. It is fully binary compatible with iPhone OS 5.0 (as in, it uses the same binary format).
It runs on ARM 7 Hardware currently, but what is the goal?
The final goal is probably recreating the iPhone OS 1.0 stack. I think this is a pretty feasible goal, considering the fact that there are so many open source libs that can be used to replace the proprietary libs used by Apple. Just as an example: * CoreGraphics -> Cairo -> FreeType -> libpng/jpg * Celestial -> Various open source media decoding libs. * UIKit -> Chamelleon
The project does not wish to build a platform that can run Apple’s App Store apps; it appears to just aim at running iOS.
It will be interesting to see where this goes.