It's only just hit version 0.2, so naturally there will be some bugs and only a few video and network card drivers are working right now. The version was reportedly ported form an Asus Eee 701 netbook running Android. As with every other LiveCD, there's no need to install the OS you simply download the ISO file, burn it onto a CD or DVD, and then boot with the disc.
It'll also work with virtualization software, like VirtualBox or Microsoft Virtual PC, if you want to try the operating system without even rebooting your computer. You can grab the 85MB disc image at the projects website and see a list of improvements planned for future revisions here.