Yes looks like,with secure Golang coded gui xmpp chat client with otr and apparmor included by default with security in mind.as HulaHoop already post
Actually i dont mean as a replacement for Whonix or Qubes.Personally i like Qubes,but my cpu not support it,so i fail as host system,Whonix becomes dear for its users,one and only,with original Gateway + Workstation idea.
Subgraph (this alpha release) have live mode and installation as host system.Installation like regular debian,but with full disk encryption with cryptsetup.Gnome desktop,MAC spoofing (at boot time i guess),TBB installer,Iceweasel and so on.
So it could be great as a replacement for regular Debian,but security-enhanced,for those who dont have Qubes.