I highly doubt it has IHO or even CM at all on it.
If it does, they are pretty foolish (or a couple college kids running it out of their dorm room) and you may as well expect absolutely ZERO support. They won't be around long if that is the case. I like IHO, but it's too unstable from one release to the next. Most problems are fixed, but it's a new minor problem every time. Second of all LG will not support it, so if you or they have an issue, oops, sorry.
Second, I HIGHLY doubt it's a simple app that can be easily be uninstalled. The phone system itself defaults to wireless, if all they did was install what amounts to a Skype app, users are not going to like that. Not to mention what it will do to the battery.
Update:
After watching the video on the link above, I would caution anyone even thinking about this service. I really don't expect them to last long, they seem extremely small. Reused boxes and hand written phone numbers = hole in the wall operation. And yes, it does look like CM7, my comments regarding that still stands. The app however may be possible, which just means you should be even more wary.