Update: okay, gave it another whirl. The person responsible for compiling this wasn't kidding about 41 MB; even with apps2sd, it still takes up roughly 33 MB of internal storage. Giant ouch. And here I thought Google Earth was big.
The initial launch results in a black screen and the OS hanging. Not sure why or what it is doing there, but as iSecks said, after rebooting it works. Sort of. I can't for the life of me type in a URL. Kept poking at the address bar and inputting random letters, but no go. This was compiled for use on the Droid, so it may very well not gel with an N1 (I've got Modaco Desire ROM, for what that's worth). If anyone's had better success on an N1, I'd like to hear about it. Still, I must say that it looks a lot more sophisticated than any other Android browser available right now.
Here are some screenshots.