Kris Holmes's and Chuck Bigelow's Lucida is one of the most recent comprehensive new type families, and that's from a generation ago. Other computer companies (Digital for example) helped support their effort.
So this is a big deal. It's a huge effort, and they made it open source and free. That's great. Thanks IBM, for supporting type designers. No doubt some of them are early in their careers. IBM's support has definitely given them a leg up. IBM will help us see another generation of new type.
It has decent ligatures ("fi" for example, look at the Slack desktop app's type to see what a ligature looks like). It only has one style of digits (figures, typeheads call them) rather than the choice of proportional and lining. But this is the 21st century and proportional figures are known as "old style".
It's no surprise the team wanted to make an artists' statement about their purposes and choices, and personally I found it (their web site) worth reading. It was a big nuisance to navigate, though.
I hope IBM can emerge from the cloud wars intact. It's gonna take focus. Unfortunately, a new typeface doesn't look like focus.