Tuxmachines have made a quick preview of the MEPSI alpha release and a bunch of screenshots.
See it in action here
Underlying the gui is kernel-2.6.15-20, Xorg 7.0, and gcc 4.0.3. At this early stage, the alpha was still quite stable and usable. Hardware detection was good, performance was adequate, but the fonts were still fugly! Although the signs of Ubuntu are still sparse, you can see ubuntu apps/packages in the Synaptic Software Manager. They are cleverly distinguished by the Ubuntu logo.