There is not much to look at yet. No source code is available, and the material on the website is very sketchy. In fact, it is impossible to tell if this isn't all just vaporware, let alone whether the implementation approach is practical. (Inventing your own VM instruction set / assembly language? WHAT??)
The idea of basing an operating system on persistent objects rather than files is (IMO) really cool. Aspects of this have been tried before in various ways (Grasshopper, PJama, Kissme to name some examples), but no-one has really succeeded so far.
This is the kind of thing it would be interesting to implement using parts of the JNode codebase. (And before anyone flames me, no I'm not suggesting we turn JNode into Phantom OS. This is just a suggestion for someone who wants to take a big leap into the unknown.)