It is an attempt to recreate the AmigaOS 3.1 such that it will run natively on a peecee, e.g. not as an emulation, but right on the hardware itself. quite a bit done, but needs much work to be complpete.
Actually, AROS is slowly being back ported to Amiga 68K and ported to PPC. Progress is very slow as only a single dev is working on both. There is even a dev showing interesting in porting AROS to ARM. AROS is open source and hence not tied to any given arch. x86 is the primary developement arch for many years, though.
Dammy