I rarely heard of it before until someone posted about it on my company's mailing list. A phone that's free in every sense, Wow! Imagine programming a custom phone for yourself.. (Man, I am already getting the adrenalin rush) Even if you don't want to code yourself, imagine taking over the role of a distro maintainer and building your phone with all your favorite apps. Finally, if a geek is what you are, imagine a customized phone for your girlfriend ;) It would be obviously hard for her to appreciate that if she's dumb but I bet that would be a cool thing to do!
Now here's the important part: You can get it on 9th July for a /mere/ $300. It's every geek's must have gadget and you are no exception!