It definately is a very promising distro, but not right now.
I installed this distro a few weeks back and found out it was Ubuntu 10.10 running an older 2.6.x kernel.
To keep things short, it just didn't work very well on my i7 Sandy Bridge laptop with SSD. I had to tinker with some drivers to get Wifi working. I had a lot of graphical glitches that I could not get fixed. The OS also performed like it was running from a USB 2.0 dongle, while in fact it was running on a SSD. CPU constantly hitting 100% fan usage. Random lockups were frequent as well.
Altough I really liked the look and feel of this distro, I i was dissapointed and frustrated not being able to get it to run decently on modern hardware.
Afterwards I installed Pinguy OS built on Ubuntu 12.04 and that worked right out of the box.
I migth get back at Elementary OS when they release a stable distro built upon newer Ubuntu builds.
Also, it seems they've been working on this since 2007 according to http://elementaryos.org/team