1) Brand new language inspired by Haskell's syntax, but it is really much closer to ML (strict evaluation, no type classes). More info: http://www.testblogpleaseignore.com/2012/06/21/why-elm/
2) That is totally true! The idea is quite general. I think it works best in a strongly typed language like OCaml or Haskell, but it could work anywhere. FrTime is a Scheme/Lisp/Racket version of FRP. My personal opinion is that it works best in Elm though :P