Android already has a great, flexible, style and theme engine. Anything in particular Pixate supports that Android doesn't already do natively you'd like to see?
According to their other news (which I've just posted here) the funding they've received will be used (also) for developing Android and Mac versions of their engine
Ah the ole' get users THEN make money strategy. I paid for Pixate and I think it had value at the $99 price point. This decision to make it free makes me think that their new strategy taking the acqui-hire route.