I'm also quite skeptical about these news. The information given is so vague that it's quite hard to even find out on which hardware/OS the program is running at the moment. I wouldn't be too surprised if the "free download" they mention just means some crippled version of the software, while the "open source" means being able to write plugins and other additions to this program.
While I hope that this might be something, I'd rather direct my hopes towards Lumiera (http://lumiera.org) which is being built (and documented) carefully from scratch to become a NLE suited for professional video work, something like Ardour is for audio work. They are just in need of some coders at the moment. No fancy screencaps or promises of dates for beta or even an alpha, but go check it out. They are doing it the right way.