EGL project: good, bad or ugly?

Really strange news today about EGL project, especially having that looks like it is supported by Coinlist and major VCs.

Should it be considered as an attempt to improve ETH or a hostile takeover?

https://sales.coinlist.co/egl#how-egl-works

Thread from Tim on EGL:
https://twitter.com/TimBeiko/status/1430027299102109697

Here’s a very long thread on the topic: