Why this project?
There are several answers to this. First of all, it's a fun thing to work on. Second, it just seems obvious that something like this should exist.
-- IKVM.NET FAQ
Thought: What would be truly interesting would be to create a compiler for the DLR -- take a DLR AST, combine it with the Phoenix toolkit, and generate assemblies out of it... if it's not there, it should be.