I'll admit to knowing next to nothing about it. I can simply say that I was given a negative impression of the project by the few LiMo presentations I attended at OSiM World 2008.

What I got from LiMo presentations:

• Corporations buy into the LiMo Foundation, pool their patents, and cooperate to build a closed-source mobile platform on top of Linux.
• LiMo did not appear to be interested in having small companies or independent developers join. Developers were complaining of unreasonably expensive membership fees and an attitude of "bring patents or stop wasting our time".
• Parts of the free software world are watching LiMo carefully. A free software lawyer in the audience asked about some possible GPL violations by LiMo, and the presenters replied that they were careful to follow the letter of the law, but there was an almost "catch us if you can" vibe there.