Based on the Motorola guy's comment, I can't help speculating that they will retarget their system to parse Objective-C, implement Cocoa Touch, and emit something that can be run on Android phones -- maybe Javascript. If there were an easy way to port iPhone apps to Android, Android would have a lot more apps.
From a technical perspective, this isn't likely the purpose of the acquisition. Cappuccino does relatively nothing in terms of making headway in parsing Objective-C, implementing a (native) Cocoa Touch or integration with the Dalvik VM system except by way of a browser.
Not to say that the 280North guys aren't capable of that but Cappuccino certainly isn't geared toward that type of goal.
