No, this isn't yet another port of an Android L app for non-Android L devices. Now Browser, which was also called Material Browser, is a totally new app that just happens to take its aesthetic inspiration from Google's latest design thrust. However, that name might be a tad deceptive, as the main selling point of Now Browser is that it occupies only 160 KB of your device storage.
Yes, that is certainly not a typo, and yet it may be presumed as one given how mobile apps these days tend to weigh in on the MB side of things. So definitely a critical app such as a web browser that takes very minimal space sounds almost too good to be true. Fortunately, it does live up to that reputation.
That said, there are a few things that Now Browser does offer that could make it an interesting alternative. You can use gestures to swipe through your browsing history, swiping to the right to go back and to the left to go forward. It also gives you the choice of setting your preferred search engine, from Google to DuckDuckGo to even Baidu. Perhaps the only problem with this browser is that, despite the name that implies affinity to Android L's fancy new look, Now Browser actually looks quite plain and not exactly Material-like. Then again, it's a very early version of the app, so there might be a chance that it could also leave up to its name in terms of design.