320 is a little bloated and pretty difficult to keep working in Xcode 4 today.
The 320 devs appear to still be on Xcode3, and demand a bunch of nonstandard settings on Xcode4 to make it work (including a scary script which edits your project in all sorts of ways).
He realized that Three20 was becoming pretty bloated and outdated and created this spinoff project.
I'd say both this and Three20 are pretty bloated and dated. They are both great reference projects to see how things could be done but in general there are a lot more lightweight alternatives out there.
This project is much more lightweight. three20 certainly has more features, but it is large and relatively complicated compared to this. IMO, this project has a much more narrow scope. And that is a good thing when I don't need all the three20 features (the majority of the time). For all the good three20 does it can be cumbersome to integrate into a large project, and it's documentation is less than stellar.
https://github.com/facebook/three20/