After the launch of Cyanogen Inc, there some disagreements with developers about the way their contributions will be recognized. These developers broke off and created their own ROM. This was announced at the Big Android BBQ
Omnirom at the moment only supports recent Nexus devices. The list seems to be rapidly growing to include other devices. link
What does it do? Read it for yourself. Currently more fluff, but so did a lot of successful enterprise at the start. link XDA link
Launch video