LuneOS is going under a rolling-release model and this first version is named "Affogato" with the supported devices being the Google Nexus 4 and HP TouchPad. The Galaxy Nexus and Nexus 7 2012 WiFi are also supported by this release, but it's expected that the support will be discontinued in the next version.
LuneOS is a strictly mobile open-source operating system that seeks to "provide an operating system which is driven by the community and continues what we love(d) about webOS." LuneOS developers admit they're not trying to compete with iOS or Android but satisfy basic mobile needs and are also evaluating the use of possible components from other open-source mobile operating systems.
WiFi connectivity works in this release and basic apps like the browser, mail, accounts, contacts, etc. The team is working on rebuilding the webOS UIs from scratch using Qt 5.2, QML, WebKit 2, and other modern technologies. Those wishing to learn more about the work going on with LuneOS to let the webOS community live-on, the Affogato release announcement can be read at Pivotce.com.