The custom ROM is based on the Android 4.2 Jelly Bean build that is found on the Nexus 4. It strips away that LG Optimus UI and gives you the free CM experience that you’ve come to expect from previous CyanogenMOD builds.
Android 4.2 is finally out the door, though it is currently limited only to Nexus devices. So when is it going to see a wider release in the form of custom ROMs? Soon, if the CyanogenMod team has anything to say about it.