From the wiki it seems they'll go for 'Open2x' and be compatible with debian-arm.

So yes - a minimal program launcher and not much else.

That might make it less of a competitor for the tablets, less application integration, less out-of-the-box stuff running on it.

Would be nice for the tablets if their emus would run on ITOS... but then again... until Nokia makes something with a decent dpad, it's somewhat pointless.