I did find myself bothered, too, by the closed development process.
As for licensing, from TypeKey.com, under “How much does it cost:” “TypeKey is free to use for both personal weblog authors and commenters, and only requires registration.” I hadn’t noticed the “personal” qualifier before; it seems a bit concerning.
Ultimately, I guess there’s not much more discussion to be had here until, as, per KAShirow’s comment, more information is released. I have no doubt that, when that time comes, this will be a topic worth revisiting, though, perhaps tempered by the ensuing discussion in the weblog community.