Really cool - I've been doing essentially the same thing for some of my apps, but I never got around to covering all the UI components and packaging it up in a library. I don't have time to test it now, but does it come with the Holo versions of Spinners and DatePickers?
I wonder if this has any issues across different manufacturer skins.
(Android 4.0 added the requirement for the stock Holo theme to be included on all devices (for developers to use: not as the default) so that apps could be styled more predictably).
I suppose it might, though the goal of the project seems to make all devices look holo and is restyling most components anyway. Giving a base Holo theme for any project on any device, I imagine.