HTML5 applications, isn't that similar to the the original LiMo devices?
That would explain that they intend to release early in 2012. Could it just be the open-sourcing of the LiMo base?

anyhow, sounds like a management decision, taking very hastily, just like the moblin/maemo merger.
lets see if they actually release a mobile device based on the codebase from this new project. intel doesn't have a good track record on this (no Moblin on the LG phone, no MeeGo (non-harmattan) phone etc.)