It's not an embedded Linux distribution – it creates a custom one for you. The Yocto Project is an open source collaboration project that provides templates, tools and methods to help you create custom Linux-based systems for embedded products regardless of the hardware architecture. It was founded in 2010 as a collaboration among many hardware manufacturers, open-source operating systems vendors, and electronics companies to bring some order to the chaos of embedded Linux development.
The Yocto Project is a Linux Foundation workgroup whose goal is to produce tools and processes that will enable the creation of Linux distributions for embedded software that are independent of the underlying architecture of the embedded software itself.