Looks interesting ; IMNSHO - the IPAM that will win is the one that builds into Openstack Neutron natively�� - from what I can see that means this project is going to need to have Openvswitch/vxlan support added in quick order.
Of course my perspectives are biased based on what I see in clients networks, but this is my experience working in NAR over the last year - basically DC/Cloud IPAM in Cloud management/orchestration is the big need at the moment. Openstack is in need of this - and it looks like it could be a good candidate.
-Joel