This is a "do it yourself" WordPress theme. It has the minimal functionality and a CSS reset. Honestly, you could write this from scratch in about a half hour if you wanted to.
This theme shows the simplicity of WordPress. I think this could be a useful theme for beginner theme developers because it doesn't have any extra template tags or functionality. The developer would need to read the docs and actually learn how things work to get more functionality.
Good luck and have fun!