I guess I don't see the point of a Redis clone in Erlang when it would be easier to tack use cases onto something that already exists, namely Riak. It's a key-value store, it's in Erlang, it's distributed, it's getting a full-text search and it has adjustable parameters so you can pick how you want to deal with the tyranny of the CAP theorem.

The only think Riak doesn't have is a high-speed RAM-based data structure capability. But hey, Redis does that. ;-)