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Well, now we know, open source it is for WebOS. I don't really see how it can compete against the open source elephant in the room, Android. Yeah, yeah, Android is sort of a hybrid open source, but still, it has tremendous market penetration, and I don't see an easy path for WebOS to achieve anything similar. It is also worth noting that one of the original members of the WebOS development team, Matias Duarte, is now at Google, although I am not sure how much his background at HP working on WebOS has directly been utilized by Google in Android development.
While there may be people that play around with WebOS, I can't really see it being developed in a serious way. The hardware environment is very different with WebOS than it is with most other open source software, in that a smartphone is not a PC/server. I can't see many people with the resources, either of time, effort or expertise, that are required for integration with mobile devices. Very few OSS project succeed, even on PCs. Two that come to mind, Linux and MySQL, had a lot of financial backing and expertise behind their success, they were not the fruit of individual hobbyists working on solo projects. So I would expect if WebOS is much beyond a intellectual exercise for individuals, it will require an investment by a commercial entity with the resources to spend on development and with a target market for their efforts.