What's up with Overture Maps?

When I read about Overture Maps like a year or 2 ago, it seemed to me that basically they were going to create a whole new thing from scratch.

Let's be honest, with enough resources, it's easy to see that they could pull off some kind of OpenStreetMap 2.0, where all the issues from OSM are modernised and cleaned up.

What's really going on? Are we getting something soon from these people? What's the relationship with them?

On their website, they say "coming this fall". Are you excited? Scared? What should I think?