It looks like the Open WebOS developers are convinced they can get it working on a phone or tablet using 100% open source. Good luck on that front, because not one phone or tablet released on the market to date has actually managed it yet and nothing in the near future looks likely to either.
Apparently, they are so convinced of this (OK, where are all the open source drivers for every piece of hardware, including the camera, wi-fi etc.?), that they are moving to a 3.3+ kernel and dropping support for any platform - including the HP TouchPad - that doesn't have 100% open source. Well, that's pretty well all platforms then and if they hold to this attitude, it'll never appear as an alternative OS for any phone or tablet on the market.
They do throw a bone though in the form of the "webOS Community edition", which presumably is a fork (it's not clear) maintained by, er, people not involved in the core webOS development? It's all pretty murky if you ask me and the flags just go up to say: "dead end". I think webOS is over as a viable mobile OS after this latest announcement. However, there's a tiny chance that at some point, we might see a System Update to the webOS side of my HP TouchPad, but I'm not holding my breath to say the least. Stick with CyanogenMod on your TouchPad - you know it makes sense.