Somebody point about that project in an early thread about Image Viewers. It's a neat software, which acts like the Art Rage reference pin but it's standalone.
Reference Image V1
I'm interested greatly in this one, since I can replace it by another three software that I use for the same workflow (Windows Photo gallery to search, First Impression to view and Always on top maker to stick the window over)...
Actually I think the tool could incorporate more "image viewers" features (like navigation stuff through an image folder), but the Clipping feature and the color picker are worth a while.
Take a look and write the guys some suggestions if you like it. It's always a pleasure to help artist who make tool for artist (like FunkyBunnies and his FunkyBar).
ps.: there's a little documentation about the software usage in the installation folder.