No, it's meant to provide a RO Look and Feel on a Linux kernel, but with the possibility of providing sufficiently RO-like behaviour that RO applications could potentially be run (via an ARM emulator or the Brandy BASIC interpreter) as processes under ROLF.
At the same time, it should provide features not available in RO, such as pre-emptive multi-tasking, memory protection, shared libraries, support for a wide range of hardware and peripherals etc. that come pretty much for free with Linux.
That's the idea, anyway. Its progress is erratic, to say the least.