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What the project does is develop a script engine for BASIC, which would then be interpreted by the Java Virtual Machine.
As to this point, the project is still being developed and that it is not yet available to the public. Although, IDEs like NetBeans is already available for Java Developers, the capability of Visual Basic's Rapid Application Development is also to be developed.
The project's main goal is to provide VB6 Developer's a free solution of building Web/Desktop Application which would be system independent.
UPDATE: This project appears to be dead at the moment. 2 of its 3 main developers have left Sun*. No code has been publicly released.