webOS is now open source and that means that anyone can work on it. The team at WebOS Ports has been working on porting webOS to the Galaxy Nexus and their alpha version is now out. WebOSNation has taken it for a spin and you can see how it runs in the video. It's pretty smooth, but they still have some work to do as some things still hang a bit.
Not everything works in this first version. The accelerometer and wifi don't really work and therefore you can't really browse the web. However, it's a nice proof of concept for webOS fans.
I thought webOS was the best mobile OS I had ever seen when it came out, and I still have a Palm Pre that I love. At this point though, who is going to use it on a non-supported phone? I like the effort, but I don't see this as a viable option for most people. Hopefully, HP will jump back into the smartphone game at some point and bring us a real webOS phone.