We're building a new web browser (with a new engine) from scratch.
I believe the industry is heading down a dark path with even big companies like Microsoft and Opera hiding behind Chromium instead of continuing to develop their own engines. IMO we need more independent implementations of the web platform to ensure that it remains open and healthy.
Re: too ambitious, it's a commonly held belief that building browsers is impossible without a huge budget and hundreds of staff. We're doing it anyway, it just takes time. :)