Seems to be quite hyped, with a lot of features and benefits mentioned. Have not had a chance to check it out in more detail yet. The idea is good in principle, but how good it will really turn out to be depends on a lot of things, not just on their execution of the plan - some of those other things being carriers, hardware partners, fragmentation, whether they install or allow partners to pre-install battery-hogging and general crapware on the tablets, etc.
Saw the news on Twitter a few hours ago.
Now there is a Hacker News thread about it: