Think about it like FreeDOS. FreeDOS facilitates running DOS software on modern hardware, and by its open nature, it can continue to evolve and make DOS software runnable on the next generation of hardware.
Think about 10, 15, 20 years from now, and all that software written for XP. That is where ReactOS comes in. A sustainable, maintainable platform for running XP-era software on hardware systems yet to come.
At least, that's how I see the project, as someone who is neither involved nor a close follower of it.