VinceH: "You are condemning them based on what you think might be the case."
No, I'm questioning them on the basis of what they've said. As mrchocky pointed out, rolling your own licence which will be GPL-incompatible, based on what has already been stated about it, raises important questions about their expectations and motivations.
We obviously await the full text, but given that a "free of charge" non-commercial stipulation is obviously central to the licence - one wouldn't prominently and repeatedly mention things like this if they're just minor details yet to be thrashed out - we know straight away that there will be serious incompatibilities with open source and Free Software licences - it's even admitted in the FAQ that "the shared source RISC OS project is not open source for the simple reason that it makes a distinction between people who want to use or access the RISC OS sources for non-commercial purposes and those who want to use them for commercial purposes".
So, what are we left to expect? Possibly the only remaining thing of interest is the reasoning behind it all.