A bit of a stretch to call it the new linux.
Nova can be compared to EC2. It is designed to provision compute instances, and it's goals are to support a million physical hosts with many times that for VMs running on the hosts. It is currently under active development and used in production at NASA.
Swift is a scalable object storage system similar to S3. It's designed to support 100+ petabyte clusters each with 100000 requests per second, tens of thousands of hard drives on thousands of storage nodes. It is currently running in production at Rackspace as Cloud Files.
Unlike AWS or Eucalyptus, OpenStack is 100% open--both source and development.
The claim of "the new Linux" comes from the thought that Linux was an open OS that changed the way servers ran. OpenStack's goal is to be the OS for the data center. It's a layer above the individual machines and ties together the IaaS pieces needed for a DC.
Disclosure: I work for Rackspace and am a developer for swift.