I'm usually thoroughly annoyed by people asking this question, but I really don't get why this is news. So many good tech articles go around in the Firehose that never make it, then cruft like this floats up. If only my uid was shorter I could yell for you all to get off my lawn.
"Its own OS" ? It's just a bloody stock Android build with Google Apps and a handful of 5 minutes tweaks courtesy of the Paranoid Android developer they hired. It's literally 2-3 guys who 'built' this in a couple of weeks.
There really is nothing special about this whatsoever, many OEMs have this. OnePlus (A handful of Oppo rejects) marketing strikes again, and you all fell for it (again). Heck, OnePlus is more of a virtual OEM than a real one, relying on Oppo for their funding and production.
The only tiny part news about this is that they did this to have an alternative to CM, which isn't really news, as it's been known for quite a while that they'd be doing this.