Sort of. Idea was to change the matchbox2 part over to Mutter and rebuild hildon-desktop on top of that. As it is now, h-d is part of several components needed to get the full DE. h-d is responsible for the menus, transitions, wm. h-home does the desktop widgets, customisation etc. h-status-menu pretty self explanatory.

Anyway, it's just idea at the moment. I have a small test app that just initializes mutter and display a blank screen to see how it works. Still working on porting the existing hildon* apps to GTK3 but I've taken a short break to do some non computing related projects.