No current distros run off of a boot floppy - the kernel alone takes up about 600K.
That said, the basic BeOS R5 is only 50Mb's and contains most of the basics you would expect an OS to come with these days, web browser, email, ftp client, telnet client, media player etc. Though tbh you would be better off getting a complete package distro like BeOS Max Edition and save yourself months of downloading. OR just wait a while and buy Zeta when it comes out...
I must admit I am intreged by this freebe idea. As I'm looking to get into BSD for use as a server/NAT, I think that it may have become a whole lot easier with this!