I don't think it really competes with the current ones unless it simultaneously brings in its own portrait keyboard, and either supports flash (using the N900's 9.whatever is still better than nothing), or brings in some other features that the other browsers don't have.
However, I love having as many choices as possible, so it'd be great to see this compiled.
i agree mental, eve definatley wouldnt be able to compete with the current browsers now but being developed by profusion it will quickly mature, i could see this browser being one of the top browsers for the n900 like canola (also by profusion) was for mediaplayers.