It actually exists and is being developed for the last three yeras. But you have to compile it by youself. Just a way to prevent people from having expectations, but a lot of modern sites are working in it. Some errors, a bit slow, but they have rendering engine, css parser, js implementation and are working closely with w3c - they have found some bugs in the standard since they are implementing it directly.

Great and useful project, I don't know if it will become real competition to firefox and chrome, but I guess it will get traction. A lot of people want new browser, some of them have money.