Hm. To be honest, I'm a bit surprised we haven't seen this earlier - Earthdawn is a perfect fit for an OGL game (or, to be honest, a 4e Game - Earthdawn and 4E rules sync up in a lot of places).
Whether or not it will work remains to be seen. To me, part of the charm of earthdawn is the focus on a character's background story and heroic progression, which isn't quite covered in the various forms of D&D. If the conversion handles that, all will be hunky dorey; if it just provides XP values for specific earthdawn monsters and a simplified magic system... I'll pass.