Earlier quoted context omitted.
The time is right, but I still don’t think this project can accomplish much because people are generally happy with their phones. That said, the phone market is huge. They could sell enough devices to fund future development which might be good enough even if it doesn’t slow down Apple or Google. At least then there will be a device for those of us who are not happy with the state of things.
I think they will fail because they fundamentally don't understand the problem. Android does not contain binary blobs because of some evil conspiracy against free software. If they could get away with it, the whole damn thing would be open source. The problem is those blobs do things that interact with complex hardware for which only blobs are available. Even if you reverse engineer them, you are going to get sued in…
Who is "they"? Certainly not Google. Google has been moving open-source Android functionality into the closed-source Google Play Services for many years.