People who say "hey, what's an extra 30KB for one library? It's only like 10x larger" will tend to reach a similar conclusion at every decision point. And that's why the internet is full of massive, bloated, slow web pages. Single decisions don't cause bloat. Bloat comes from a slack attitude towards efficiency.
I'm not saying this project is an important breakthrough, but I definitely applaud the effort. I've always been surprised at the large size of jquery. I'd love to see a benchmark for runtime performance, including a comparison of parsing time and a benchmark of common operations.