Got it.
I immediately had a bunch more questions, some of which I tried to answer by playing around with the demo.
Is "this" the actual DOM element? (Yes.) Then how is "context inheritance" implemented? The section named "How Cell implements 'context inheritance' does not ever say how it's implemented ;) (Getters and setters are set up by the framework.) It feels like inheriting everything would be a little messy compared to specifying what goes in context.
Does changing something in "context" trigger updates in nested components that read that context? Apparently, no.
Does assigning to $components always give you brand-new components, or is there any sort of diff/patch as in React? Apparently, always new components and new DOM nodes, so don't recalculate your children; you should probably access them via the DOM API and call methods on them instead. So you don't get "props flowing down" as in React.
How are assignments to underscored props coalesced, e.g. using what notion of equality? What should you call props that you don't want to cause an $update?
Why is it ok to call methods on other cells from $update, causing further updates, when this is frowned on in React, partly because of timing issues? I sort of wonder if making state changes synchronous is a huge win and solves a lot of issues; a lot of people are wondering if React makes a big mistake there. At the same time, it seems like there would be situations where you update underscored properties on A and B, and A is actually an ancestor of B, so updating A would destroy B. Then you wonder if the framework is going to be smart about the update order, and smart about dealing with defunct components during the update cycle. Edit: That's not even a good example of a timing issue caused by cascading updates. Can't think of a good one off the top of my head.
Also edit: I haven't read the code, but it looks really short.