The project appears to be setup by employees of "NASA Ames Research Center working on alternative methods of public outreach for space science" which sounds pretty authentic.
Discover magazine is putting up a $1500 prize to the best application designed to run on this project.
Finally this project also announces a company producing an arduino spectrometer shield, which may be more exciting than the satellite.
Arduino based satellite on Kickstarter with spectrometer | Heykuki News