It's really not a new program, it's built on Firefox 1.5 with all the security extensions. Some geek friends of mine have been testing it. Most of these guys have paid proxy services that run them through NYC, Raleigh NC, Washinton DC, and various proxies in Germany to hide who and where they really are. They're saying so far 'Ghostfox' is doing almost as good a job as the paid proxies with pretty good surfing speeds to boot.

http://ghostfox.org/content/view/5/26/

As soon as I get my DSL back I'm gonna d'load it and try it out.