Based on having attended a presentation on this at FMX this year, the main practical goal at the moment seems to be to help maintain low-level open source tools everyone relies on, like OpenEXR. It didn't sound like disrupting the software ecosystem by funding open-source alternatives to current "industry standard" tools was on the agenda, just making sure what is already in use continues to work.

Overall, I got the impression this was a serious undertaking with a pragmatic approach to solving problems for the VFX industry, so here's hoping it works out.