Matt "Mythmere" Finch, one of the minds behind OSRIC, has released the first installment of Swords & Wizardry, a retro-clone of OD&D. As Matt himself notes, this is less of a clone than OSRIC, instead being what he calls a "Rosetta Stone." By this, I take him to mean that his intention is to create a kind of game mechanical "key" by which players of many different versions of D&D and its spin-offs (including clones like OSRIC, Labyrinth Lord, and Basic Fantasy) might be able to communicate with one another and cooperate in the creation of products compatible with their own preferred version of the rules. In this respect, it's very similar to my own recent discussion of a "universal system," albeit a more ambitious one than I'd originally intended.
I have only skimmed the first installment so far, but what I have read looks good. I am certain I will have my complaints, nitpicks, and criticisms. However, I am very pleased to see that someone has taken up this project, since I think it's an important one. Matt apparently has a number of plans for Swords & Wizardry, including a PDF support magazine; he'll be laying those plans out during the week and I'll report on them as I learn them.
This is exciting news for the old school community. I'm glad to see the release of something like this and hope that it will aid in the production of many original old school products. The fact that it's fully open except for a few trademarked terms is a huge plus in my opinion and should aid the project's goals immensely.
I'll probably have more detailed thoughts later.