This seems to simply install a kernel, bash, core utilities, a few CLI programs and GNU screen.
There isn't any reference to a package manager, repos or updating method in the documentation.
So no way to patch an installed system, as far as I can see?
Basically, someone did Linux from Scratch, and turned it into an ISO.
What's the use case for this?
[Edit]: Oh, it's purely a live system.
Could be useful for getting a Linux command line to run on any old system with very limited resources.