I am mainly posting this to prevent any more people mailing me about this release. There's nothing really spectacular here.
Starting from 2009 on, the usual suspects (aka OpenBSC developers) have been looking at various 3G femtocells, including the Vodafone one (I have 10 of them here). Aside from that Alcatel-Lucent design that Vodafone uses, we've also looked at the Cisco/AT+T/ip.access design, as well as the Ubiquisys/SFR one. With some effort you can root all of them, and you can then make sure they don't connect to the respective operator but to an IP address of your choosing.
The protocols are vendor-dependent. The Vodafone femtocell uses a version of RANAP (the protocol between RNC and MSC in UMTS) behind an 8 byte proprietary header. As RANAP is specified in the 3GPP, it was pretty easy to build a small piece of code that interacts with the unit.
Ubiquisys (used by SFR) uses the UMA protocols, and the Cisco/ip.access/AT+T design uses a proprietary ip.access protocol called URSL (sort-of a "progression" of the 2G RSL to UMTS).
Supporting them from OpenBSC is not easy. While the call control and SMS transfer protocols of 3G are identical to GSM, everything below doesn't really bear much resemblance. I would guess it would take at least a man-month to get basic signalling, call + SMS support working, if not more.
Given the fact that the femtocells all speak their vendor-proprietary dialects, and given that they often come with license terms that only permit the use of their firmware in combination with their gateway located at the operator network, we never thought it is a high priority item for us to work on.
What you also have to consider, is that their output power of 20dBm is even less than the 200mW of typical small-scale GSM BTS, and that they typically only support the operation of 4 concurrent phones. Nothing that you would be able to run e.g. a conference telephony network on.
Furthermore, due to the wide channels (5MHz), it is very likely that all available sprectrum has been auctioned off/licensed to commercial operators, so it's almost impossible to get something like a test license. In GSM with 200kHz channels, there's often still a guard band or some unallocated channel that can be used.
If you really want to have some free software + femtocell based 3G network, go ahead and do it. The option existed for years now, ever since femtocells started shipping to the market. All of them are some form of embedded Linux systems. Rooting them isn't really different from rooting a Linux based WiFi router / DSL modem. So what's that new about the THC release? That a vendor of Linux embedded devices chose a trivial password? If you're surprised by that, I guess you haven't taken apart many embedded devices then.