At first I thought it was a cross platform app building something-or-another (kinda like Xamarin), but now that I actually am building it and playing around with it I see that it's something else entirely.

I'm actually glad this happened though. Seems like MS is finally rallying around C# as the defacto language for building apps (as opposed to Visual Basic or even Visual C++). This project might succeed (or at least find a nitch) among developers who are building touch centric web applications.