This is nothing but an android loading ROM. without android on your SD, this is nothing. IT NEEDS ANDROID FILES ON YOUR SD.
This is basically just 21895 (what is left of it), OEMDRIVERS, WM kernel and the haret loader with initrd.gz (3/8/10) in internal storage to load the kernel from SD:
BaseApps (most of the apps have been removed from this package)
Base_Lang_0409
BROWSINGCORE
ConfettiCore
Metadata
OS
Phone
PhoneRedist
ppgprov
Redist
Shell
Original idea from calkulin, well, xxxvirusxxx told me to make it..
1 minute and 46 seconds from power button to android desktop (after the first boot of course)
http://www.megaupload.com/?d=ZKEK4Y9V
edit: this is really just proof of concept. IMO, android is not ready for every day use, more for just fun at this time.