The source is out on github.  The team of developers is public and not anonymous people on the internet. 

http://wiki.bitshares.org/index.php/Videos_and_Audio  Is a great place if you want to see the development team. 

IMO it is a lot more like NXT than either Mastercoin or Counterparty.  Both of which have to piggyback on Bitcoin and face the inherent limitations.

The source code has a public testnet that is quite active.  The initial release is soon which will make BTSX liquid.

The "IPO" aka donation period has been going on for 198ish days now.  It wasn't a flash sale.