Perhaps this was mentioned the other day, but Neovim did make me think of this old chestnut from Joel Spolsky: http://www.joelonsoftware.com/articles/fog0000000069.html I realize Neovim is being characterized as an "aggressive refactor," but I'm sure that's the way Netscape thought of it as well. tl;dr Things you should never do: rewrite the code from scratch.
With that thinking we never get Linux (NeoMinix), tmux (NeoScreen), Clang (NeoGCC), WebKit (NeoGecko), Subversion (NeoCVS), or Vim itself (NeoVi/Elvis/Stevie/etc).
If it gets subsumed into Vim I'll use it without having to choose.
If it gets traction as a second thing, I'll try it.
If it's better than Vim I'll keep it.
Let them write, good luck, have fun, I'll try it if I hear from HN that it's good enough to use.
I don't think it violates "don't rewrite" because these aren't the Vim people. Vim itself won't "suffer" from the ill effects of a rewrite.