It was designed as HEVC competitor with similar quality and low complexity.
VP9 announcement:
http://news.cnet.com/8301-1023_3-57561111-93/googles-new-vp9-video-technology-reaches-public-view/
Document describes VP9:
http://tools.ietf.org/pdf/draft-grange-vp9-bitstream-00.pdf
I found some article on comparison of HEVC (reference software, HM9.0) and VP9:
http://forum.doom9.org/showpost.php?p=1614397&postcount=50
Note: HEVC significantly better than VP9!
Probably, it's incorrect comparison, but I didn't find denials.
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