About time, I would say. IBM forked the OpenOffice.org code back in the 1.0 days, when they licensed it under dual licenses, the SISSL and the LGPL. Since then, OpenOffce.org evolved into Version 2.x while IBM kept maintaining their codebase, retrofitting ODF support and fixing bugs.
For OpenOffice.org, this announcement will mean > 30 additional, payed developers and all the code IBM generated in the last years. For IBM, this means that they can incorporate the OpenOffice 2.x code into future versions of their Productivity tools.
I don’t believe in incidents and that the timing of this announcement is purely coincidental with the Notes 8 release, the SUN-IBM deal regarding OpenSolaris and Microsofts failure to buy bribe push the ISO adoption of OOXML. I am still curious, why the announcement is only on the OpenOffice.org website and not on IBMs too. Even Ed has to point to an external website.