Canvas LMS: newly Open Sourced and ready for Education

I've never heard of Canvas before, but it looks like an amazing product. I suppose that has something to do with it being written in Ruby. I have some friends who code in Ruby and they swear by it. I'd love to get an install up and running for this and see what it can do, but the youtube videos (apparently not working anymore on this link for some reason) show a lot. The grader looks incredible in its own right.
http://www.zdnet.com/blog/education/there-are-alternatives-to-blackboard-and-moodle-instructure-canvas-goes-open-source/4475?tag=mantle_skin;content