The Omega Project is the code name for an attempt to design and build an Electronics Platform for prototyping and development use. It is intended as a way to reduce the desktop clutter of differing adaptors, instruments, programmers and widgets we use all the time, to bring them into one configurable electronics box, stuffed with generic resources to help solve your digital and analog electronics problems. One day it might be extend to RF as well.
This project could be considered similar to a shrunken ATE platform, similar in design to small desktop systems made by the likes of National Instruments (such as their PXI platform) It is intended to operate in a similar manner with rack mount instrument cards (or function cards as we call them here) which slot into a desk-mounted backplane. The hardware and software differ in that they are completely open source and fully hackable and configurable.
Obviously cost is a major issue, so much effort will be expended on only spending money where needed to keep system cost as low as is viable.