Yeah, there is a lot of buzz about that on the mythtv-users mailing list but it's unclear right now as to what it really is. It may just be some devs working on a branch where they can strip out unused code and clean things up before merging it back to the trunk... then again, some devs are bothered by the slow progress and may be working on a branch with a faster release schedule...
Not sure at this point but I'm ready for a 0.25 change!
Torc is an open source DVR based upon the venerable MythTV codebase. Torc aims to deliver modern features such as fully hardware accelerated user interface and video playback, complex OpenGL shader-based UI effects, blazing fast UI, and a ground-up rethink of various media management plugins to deliver the experience users expect, while maintaining the same featureful recording functionality that has made MythTV the premiere DVR for linux. Torc embraces the cross-platform experience and will deliver solutions for all standard platforms, tablets, and mobile environments.
Not sure where this description comes from as I don't see it anywhere else on the web.