I don't know about a whole new OS tho.
I think the Sony XMB suits my needs just fine, combined with CFW i'm happy.
In order for a whole new custom OS to have succes I think they need the same capabilities the XMB has (Webbrowser, mediaplayer, mp3 player, etc...)
Making an mp3 player isn't that hard (compared to other things that is, seeing how many mp3 players we have seen) but to make a mediaplayer with the same OR Better capabilities as the XMB one isn't going to be easy, and the same goes for the webbrowser.
even if they are capable of implenting this all, they still need to think about userability. One of the main reasons I prefer XMB over IRshell is that IRshell is chaotic.
but this is all thinking a bit to far ahead ofcourse.
We don't know what this Utopia project is, for all we know it might just be another CFW.